US Bancorp takes over Quintillion
US Bancorp, the country's largest regional lender, agreed to acquire Quintillion, a Dublin-based hedge-fund administrator. Terms weren't disclosed.
The purchase will add $18bn (€13.4bn) in hedge-fund assets under administration and 53 employees to US Bancorp's fund-services unit, the Minneapolis-based company said. That division will have about 1,100 workers and $832 billion in assets after the deal, according to the statement.
"This transaction allows us to expand our operations in Europe by adding a significant presence in Dublin," Joe Redwine, president of US Bancorp Fund Services, said in the statement.
The deal builds on US Bancorp's efforts to expand its trust business and increase its presence in Europe.
The bank agreed in March to buy Deutsche Bank's municipal bond trustee business, and last year purchased AIS Fund Administration, a fund servicer for alternative-investment managers, with offices in Hackensack, New Jersey, London and the Cayman Islands.
US Bancorp reported $280m in income from trust and investment-management fees in the third quarter, a 5.7pc gain from a year earlier.
Quintillion provides middle-and back-office services to hedge funds, according to its website.