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November 17, 2020

US Bank opens Luxembourg office to bolster fund services business

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.

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.”

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.

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