Once the transaction is completed, the acquired business will add nearly $25bn in hedge fund assets under administration to the acquirer’s existing alternative investments business, with 176 employees in New Jersey, the UK and the Cayman Islands.
The purchaser will manage $50bn in alternative investment assets and develop a middle-office and back-office services platform to offer various support services to fund managers and investors, following closing of the acquisition.
US Bank Wealth Management & Securities Services vice chairman Terrance Dolan said, "This enables us to expand our fund servicing capabilities and complements our focus on corporate trust services."
Under the terms of the agreement, clients of both organizations will continue to work with the same teams, while also benefit from additional operational capabilities and services to meet their business objectives.
USBFS offers numerous investment strategies and products including mutual funds, alternative investments, open-end, closed-end, and exchange traded funds.
Established in 2002, AIS delivers a comprehensive service platform to major hedge fund managers and trades through its offices in Hackensack, New Jersey, London, and the Cayman Islands.
