U.S. Bank Institutional Trust & Custody hired BISYS Retirement Services to provide record-keeping services for the 2,700 401(k) plans U.S. Bank services, said Diane Thormodsgard, president of U.S. Bank Institutional Trust & Custody. Record keeping will remain under the U.S. Bank name, said George Evans, BISYS executive vice president.
U.S. Bank had used software from Trustmark to provide record keeping; the bank will continue to offer trust, custody and asset management services, Ms. Thormodsgard said.
BISYS will offer job opportunities and relocation packages to key U.S. Bank employees, Mr. Evans said. U.S. Bank has around 300 employees involved in its defined contribution business, according to Pensions & Investments latest survey of defined contribution record keepers. Those who accept job offers will be working out of BISYS Milwaukee office, he said. The bank plans to transfer to BISYS record-keeping system by August.
U.S. Bank has $8 billion under record keeping, according to the P&I survey.