U.S. Bancorp Fund Services LLC, a division of Minneapolis-based U.S. Bancorp, has acquired the mutual fund administration and accounting servicing division of Milwaukee-based Fiduciary Management Inc. The division of Fiduciary Management has more than $8 billion in assets under management.
Employees working in the division with Fiduciary Management will become U.S. Bancorp Fund Services employees. Fiduciary Management will continue to operate its investment management business with more than $6 billion in assets under management.
“This acquisition complements our business model and allows us to provide Fiduciary Management’s clients with our fully integrated mutual fund services,” said Joe Redwine, president of U.S. Bancorp Fund Services. “We are excited to combine this business with our existing capabilities and look forward to working with Fiduciary Management to create an efficient and seamless transition.”
U.S. Bancorp Fund Services provides mutual fund administration, accounting, transfer agent, custody, distribution and compliance services. The firm currently provides transfer agent and custody services to Fiduciary Management’s clients, including the Brandywine Funds, the Reynolds Funds and Fiduciary Management’s Funds.
“This transaction allows us to concentrate on asset management and providing the best performance to our clients and mutual fund shareholders,” said Ted Kellner, chairman and chief executive officer of Fiduciary Management. “Our long history with U.S. Bancorp Fund Services, their significant scale and dedication to mutual fund servicing through investments in premier technology and high-caliber people, make this a perfect fit.”
This acquisition will provide additional compliance, technology and accounting talent for U.S. Bancorp Fund Services and will also allow it to maintain Fiduciary Management’s key client contacts. As an industry leader, U.S. Bancorp Fund Services continues to augment its capabilities to provide innovative solutions that support its clients’ businesses.
