U.S. Bancorp Buys Irish Hedge Fund, Partners With Amex
U.S. Bancorp announced Wednesday that it has agreed to purchase Ireland-based hedge fund administrator Quintillion Limited for an undisclosed sum and that it will now offer American Express credit cards.
The Minneapolis-based bank-holding company, parent company of U.S. Bank, said the transaction adds $18 billion in hedge fund assets and 53 Dublin-based employees to U.S. Bancorp Fund Services’ existing alternative investment business.
“This acquisition continues to showcase the long-term commitment of U.S. Bancorp to grow our securities services business,” Terrance Dolan, vice chairman of U.S. Bancorp Wealth Management & Securities Services, said in a statement. “This enables us to enhance our European presence through additional talented resources, and complements our focus on the expansion and diversification of our alternative investment business.”
The company’s fund services division will now have more than 1,100 associates across its offices in Milwaukee, New Jersey, the Cayman Islands, London, and Dublin. Those offices together support $832 billion in assets for more than 2,900 funds.
“This transaction allows us to expand our operations in Europe by adding a significant presence in Dublin, an important financial hub,” Joe Redwine, president of U.S. Bancorp Fund Services, said in a statement.
Quintillion was launched in 2006 and offers accounting and investor services.
In addition to the acquisition, U.S. Bank announced that it will begin offering credit cards on the American Express network by fall 2014.
“We actively listen to our customers and are focused on delivering the right financial solutions that best meet their needs,” Vice Chairman of U.S. Bank Pam Joseph said in a statement. “We believe that the American Express network provides a combination of benefits and services that many of our customers want.”
U.S. Bancorp operates in 25 states and said it had $361 billion in assets as of September 30.