U.S. Bancorp Fund Services LLC (USBFS), a Milwaukee-based subsidiary of U.S. Bancorp, announced it has agreed to acquire AIS Fund Administration (AIS), a provider of fund administration and related services to alternative investment managers.
The transaction adds approximately $25 billion in hedge fund assets under administration to U.S. Bancorp Fund Services existing alternative investments business, along with 176 employees in New Jersey, the United Kingdom and the Cayman Islands.
With the transaction, USBFS will service $50 billion in alternative investment assets and create a platform to provide a range of support services to fund managers and investors across the alternative asset spectrum.
Terrance Dolan, vice chairman of USBFS, said, “This acquisition is another key step in U.S. Bank’s strategic growth of our securities services business. This enables us to expand our fund servicing capabilities and complements our focus on corporate trust services.”
“This is an important acquisition for U.S. Bancorp Fund Services as it demonstrates our long-term commitment to becoming an alternative investment services leader,” said Joe Redwine, president of USBFS. “We are pleased that the AIS organization will become part of our team and continue the tradition of innovation and superior service that both organizations are known for in the industry.”
“We are excited to become a part of the U.S. Bancorp team, an organization that shares AIS’ mission, values and approach to customer service, said Boris Tiomkin, chief executive officer of AIS Fund Administration. “We believe the addition of U.S. Bancorp’s highly regarded suite of services, such as custody, trust, and other banking services, will provide significant benefits to our clients.”