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   The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
Monday, May 17, 2010 U.S. Bancorp Fund Services Keeps its Eye Out for Buys U.S. Bancorp Fund Services, which made an acquisition last fall, is not putting its checkbook away.
Last October, U.S. Bancorp Fund Services purchased Fiduciary Management Inc.'s mutual fund administration and accounting servicing division. The unit had more than $8 billion in assets under administration. U.S. Bancorp Fund Services serves a total of more than 270 fund families with over 1,600 portfolios and 1,400 share classes as of April. It administers 3.7 million shareholder accounts.
In the '40 Act realm, Redwine said he's seeing opportunities reopening with the market bouncing back. "During the recent turmoil, service provider decisions were, for all practical purposes, put on hold as the investment community focus, and rightfully so, was on retaining their customer base," Redwine noted. "That door has now reopened." The firm's three newest customers have fund families with AUM of $25 billion, $1 billion and $500 million. U.S. Bancorp officials declined to disclose the identities of the new clients. On the alternative investment side of the fence, Redwine points to two factors for the growth in outsourcing opportunities: the prospect of heightened regulatory oversight and investor demand for more transparency. Meanwhile, U.S. Bancorp is working on making improvements to its portal. "We're enhancing the portal where our clients can come in and access data more easily," said Ian Martin, executive vice president of the transfer agent for U.S. Bancorp Fund Services LLC. Printed from: MFWire.com/story.asp?s=32227 Copyright 2010, InvestmentWires, Inc. All Rights Reserved |