U.S. Bank has entered into a definitive agreement to purchase the debt servicing and securities custody services client portfolio of MUFG Union Bank, N.A. Under the terms of the agreement, U.S. Bank will acquire approximately 600 client relationships and USD320bn AuC/A. The deal is expected to close in the first quarter of 2021, subject to…
Category: U.S. Bank
U.S. Bank to adopt SEI Wealth Platform
U.S. Bank, the fifth largest bank in the U.S. and one of the world’s top 10 custodians, has adopted the SEI Wealth Platform (SWP) across its wealth management and investment services group. SWP is a fully integrated, single-infrastructure technology solution that supports a digital experience for wealth managers and their clients. U.S. Bank will migrate…
U.S. Bank supports new multiple series trust from Harborside
Harborside Group, an independent investment sales and marketing firm dedicated to serving the distribution needs of the asset management industry, has launched a multiple series trust that includes comprehensive proactive distribution services. The MST, Total Fund Solution, has been formed in collaboration with U.S. Bank Global Fund Services.
U.S. Bank to provide MO services for Carlyle Group’s CLO portfolio
The Carlyle Group has appointed U.S. Bank to provide middle office and financial reporting services for its CLO portfolio, comprised of more than 50 U.S. and European CLOs. This dual mandate expands U.S. Bank’s current service offering with Carlyle. The Carlyle Group manages more than USD25bn in CLOs in the U.S. and in Europe.
U.S. Bank hires seniors for CLO and O&T roles
Two new hires for U.S. Bank. Sean Kelley joins as head of collateralized loan obligation data analytics and research, based in Chicago. Most recently, he built and managed the CLO infrastructure at PPM America, Inc. Darren Hodges comes in to lead the global trust technology and support services custody operations team, based in Milwaukee. Hodges…
Washington Capital appoints U.S. Bank to administer new feeder funds
Washington Capital has appointed U.S. Bank to provide custody, fund administration and fund accounting services to newly formed feeder funds that will invest into a select group of third-party fund managers. In addition, Seattle-based Washington Capital will continue its relationship with U.S. Bank to service its RIA clients. Washington Capital is an investment advisor with…
Didier Delvaux to head U.S. Bank’s Luxembourg office
U.S. Bank has hired Didier Delvaux to head its new Luxembourg office. Delvaux joins from State Street, where he spent 17 years, most recently as head of fund administration in EMEA. He previously served as COO of State Street’s Luxembourg operation.
U.S. Bank wins two new mandates for Irish funds
Two new mandates for U.S. Bank in Ireland: Catalyst Capital Advisors, LLC has appointed U.S. Bank to provide fund administration and UCITS depositary services. The Carne Group will serve as the management company. New York-based Catalyst is an existing U.S. client, with USD14bn AuM. Iguana Investments has appointed U.S. Bank to provide fund administration and…
U.S. Bank to administer USD1.9bn mutual fund family for Wilshire
Wilshire Associates has appointed U.S. Bank to provide custody, fund administration and transfer agency services for its family of nine mutual funds with USD1.9bn in assets. U.S.-based Wilshire will continue its relationship with U.S. Bank to service alternative investments, as well as U.S. Bancorp Asset Management for securities lending and overnight investment of cash balances.
U.S. Bancorp to sell Quasar Distributors to Foreside
Foreside Financial Group, LLC, the U.S.-based provider of regulatory and compliance service and technology offerings to clients in the global asset and wealth management industry, intends to acquire U.S. Bancorp’s mutual fund and exchange-traded funds distribution business, Quasar Distributors. The transaction is expected to close in the first quarter of 2020. The acquisition will also…