U.S. Bancorp's fund service subsidiary will acquire Quintillion Ltd., an Ireland-based hedge fund administration firm, for an undisclosed amount, the companies said Wednesday.
Quintillion is an independent fund manager based in Dublin that was founded in 2006. The firm's 53 employees will become U.S. Bancorp employees.
The deal adds $18 billion in assets and another European hub to U.S. Bancorp's hedge fund operations, which currently have locations in Wisconsin, New Jersey, the Cayman Islands and London. After the deal, the bank will manage $832 billion in assets for more than 2,900 funds.
"This enables us to enhance our European presence," Terrance Dolan, vice chairman of the bank's wealth management and securities services, said in a statement. It also "complements our focus on the expansion and diversification of our alternative investment business."