The deal, expected to be completed in the third quarter, will add about $57 billion to the $3 trillion in assets under administration by U.S. Bancorp’s corporate-trust division, the Minneapolis-based lender said today in a statement. The transaction will build on the bank’s trust business in California, Mississippi, New York, Tennessee and Texas, according to the statement.
U.S. Bancorp Chief Executive Officer Richard Davis, 55, has said part of the firm’s acquisition strategy will be focused on its payments and trust businesses. The company added about $25 billion in hedge-fund assets under administration through the purchase of AIS Fund Administration in November. Trust and investment-management fees increased 5.5 percent last year to $1.06 billion from 2011.
“This acquisition is consistent with U.S. Bank’s ongoing commitment to continued strategic business investments and its commitment to corporate-trust services,” Bryan Calder, president of U.S. Bancorp’s global corporate-trust services, said in today’s statement.
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