US Bank has opened an office in Luxembourg in a bid to support growth of its global fund services business.

The Luxembourg office will provide fund accounting and administration, domiciliation, depositary and custody-related services for locally-domiciled funds.

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Didier Delvaux, who joined the company earlier this year and has more than 25 years of fund administration and custody experience, will lead the office.

Delvaux said: “As we expand our Global Fund Services business, we’re committed to supporting clients’ needs with our customisable service offerings, state-of-the-art digital tools and exemplary client service.

“Clients are looking for expertise they can trust; they want a provider with a deep understanding of the industry, investments and their goals. Given the complexity and volatility of the current regulatory and market environment, it’s essential for clients to find a provider who is intimately familiar with local regulatory nuances.

“Our initial focus will be on private equity and private debt funds, where our capabilities are unparalleled in the market.”

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In Europe, US Bank has ten offices and employs more than 2,800 people.

The bank’s fund services business is a part of US Bank’s Investment Services division and provides customised product solutions for alternative investments, mutual funds and exchange-traded products.

The Investment Services division also includes corporate trust and custody teams.

Overall, the division has more than $7.7trn in assets under custody and administration.