U.S. Bancorp Fund Services on Wednesday announced it acquired Ireland-based hedge fund administrator Quintillion Ltd.
Terms were not disclosed. The deal closed Nov. 15, said Christine Waldron, U.S. Bancorp executive vice president and head of alternative fund services.
Joan Kehoe, CEO at Quintillion, said in a telephone interview that she will become head of European operations for U.S. Bancorp.
The acquisition gives U.S. Bancorp its second European operation; it already has an office in London.
Quintillion's $18 billion in assets under administration will bring U.S. Bancorp's total alternative fund AUA to $84 billion, Ms. Waldron said.
Ms. Waldron said U.S. Bancorp would continue “to look at opportunities” to grow its fund administration business in “a number of ways,” including future acquisitions.