US Bancorp Fund Services, a subsidiary of US Bancorp, has agreed to acquire Quintillion Limited (Quintillion), an Ireland domiciled full-service hedge fund administrator.

The announcement supports US Bancorp Fund Services’ strategic initiative to expand its alternative investment servicing network supporting the European investment community.

Terrance Dolan, vice chairman of US Bancorp Wealth Management & Securities Services, said: "This acquisition continues to showcase the long-term commitment of US Bancorp to grow our securities services business. 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 transaction adds US$18 billion in hedge fund assets under administration and 53 Dublin-based employees to US Bancorp Fund Services existing alternative investment business.

US Bancorp Fund Services will now have more than 1,100 associates with operational offices in Milwaukee, New Jersey, Cayman Islands, London and Dublin.

The combined businesses will support US$832 billion in assets under administration for more than 2,900 funds, including US$84 billion of alternative investment assets for investment managers.

Joe Redwine, president of US Bancorp Fund Services, said: "This transaction allows us to expand our operations in Europe by adding a significant presence in Dublin, an important financial hub. We are pleased to have Quintillion join our team, and believe new and existing clients will benefit from a growing servicing partnership founded on providing strong technology solutions coupled with industry-leading expertise."

Clients of the combined organization will experience a seamless integration due to consistency in technology applications, with an enhanced set of combined capabilities to meet their full set of servicing needs.

Joan Kehoe, CEO of Quintillion, said: "We are excited to become part of a growing team and a company with a similar set of core values and approach to customer service. We believe U.S. Bancorp’s financial strength and highly-regarded service offerings, such as expanded custody, trust, and other banking services, will provide significant benefits to our clients."