Recently, U.S. Bancorp Fund Services, LLC, which is a
), announced an agreement to acquire Irish-based Quintillion
Limited. The deal is consistent with U.S. Bancorp Fund Services'
strategy to develop its securities services operations in Europe.
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The deal will result in the addition of $18 billion in hedge fund
assets under administration and 53 Dublin-based staff to U.S.
Bancorp Fund Services' present alternative investment operation.
On completion of the deal, U.S. Bancorp Fund Services will have
more than 1,100 employees in the offices in Milwaukee, New
Jersey, Cayman Islands, London and Dublin. The unit will support
$832 billion in assets under administration for around 2,900
funds, including $84 billion of alternative investment assets for
U.S Bancorp Fund Services' deal with Quintillion will help the
company provide superior fund administration solutions by
incorporating the latest technological platform - a trademark of
Quintillion. Moreover, U.S. Bancorp's financial strength and high
expertise combined with its diverse service offerings such as
expanded custody, trust and other banking services will
significantly benefit the clients of Quintillion.
Further, the deal will open up opportunities for US Bancorp's
expansion in Europe by extending its operations to Dublin, an
important financial center.
With sluggish economic recovery in the U.S. coupled with
stringent regulations, U.S. Bancorp has been seeking to increase
its footprint in Europe. In March, it agreed to buy the municipal
bond trustee business of
Deutsche Bank AG
). The deal added $57 billion to U.S. Bancorp's assets
U.S. Bancorp currently carries a Zacks Rank #3 (Hold). Some
better-ranked stocks in the same sector include
). Both these stocks carry a Zacks Rank #2 (Buy).