US Bancorp Fund Services, a subsidiary of US Bancorp (NYSE:USB), has agreed to acquire AIS Fund Administration (AIS), a provider of fund administration and related services to alternative investment managers.
The transaction adds approximately USD25 billion in hedge fund assets under administration to US Bancorp Fund Services’ existing alternative investments business, along with 176 employees in New Jersey, the United Kingdom and the Cayman Islands. With this transaction, USBFS will service USD50 billion in alternative investment assets and create a best-of-breed middle-office and back-office services platform to provide a wide range of support services to fund managers and investors across the alternative asset spectrum.
Terrance Dolan, vice chairman, US Bank Wealth Management & Securities Services, said, “This acquisition is another key step in US Bank’s strategic growth of our securities services business. This enables us to expand our fund servicing capabilities and complements our focus on corporate trust services.”
"This is an important acquisition for US Bancorp Fund Services as it demonstrates our long term commitment to becoming an alternative investment services leader," says Joe Redwine (pictured), president, US Bancorp Fund Services. "We are pleased that the AIS organisation will become part of our team and continue the tradition of innovation and superior service that both organisations are known for in the industry."
"We are excited to become a part of the US Bancorp team, an organization that shares AIS' mission, values and approach to customer service," says Boris Tiomkin, CEO of AIS Fund Administration. "We believe the addition of US Bancorp's highly regarded suite of services, such as custody, trust, and other banking services, will provide significant benefits to our clients."
Current clients of both organisations will continue to work with the same teams, while also benefiting from an enhanced suite of operational capabilities and services to help meet their business objectives. The transaction is subject to regulatory approval.