U.S. Bank Depositary Services was recently named depositary
services provider for the Leadenhall UCITS ILS Fund PLC. In this
role, U.S. Bank provides core depositary services of asset
safekeeping, fiduciary oversight and cash monitoring to Leadenhall
Capital Partners LLP.
U.S. Bank introduced its full depositary services offering in
Europe in 2018. The offering supports regulated investment funds
domiciled in the EU that are required to appoint a depositary to
comply with the Alternative Investment Fund Managers Directive
(AIFMD) and the Undertakings for Collective Investments in
Transferable Securities Directive (UCITS).
“As we expand our business, we’re committed to supporting
clients’ depositary needs with our customizable service offerings,
state-of-the-art technology and global resources,” said Joe
Neuberger, president of U.S. Bank Global Fund Services. “We worked
closely with Leadenhall, as we do with all our clients, to
determine their specific requirements so we can provide just the
right selection of services.”
U.S. Bank Global Fund Services Ireland also serves as the
principal administrator of fund accounting, financial reporting and
investor services for Leadenhall products.
“Given the complexity of the current regulatory environment,
it’s essential for funds to find a bank-backed depositary with a
solid balance sheet and strong credit rating,” said Linda Gorman,
head of U.S. Bank’s alternative investment solutions division in
Europe. “Clients are looking for expertise they can trust; they
want a provider with a deep understanding of the industry,
investments and their goals.”
Leadenhall currently has more than $5.5 billion in assets under
management (AUM), having launched in 2009 with investment from
parent insurance company, Amlin. The firm primarily invests in
insurance-linked products for institutional investors.
“We had high expectations when we announced our new depositary
solution last year,” said Breda Sullivan, U.S. Bank head of
depositary services – Europe. “Now, with a client like Leadenhall
selecting us to serve in this important role, it further affirms
the product we’ve developed and our capabilities to deliver a
client-centric solution.”
Leadenhall’s COO, Chris Learmonth, commented on what attracted
the fund to U.S. Bank Global Fund Services and the depositary
offering: “The team at U.S. Bank partnered with us to identify all
our custodial, reporting and operational needs. They provided us
with a flexible, cost-effective solution that meets all necessary
regulatory requirements and gives us great confidence in their
fiduciary oversight.”
U.S. Bank Depositary Services is authorised and supervised by
the Central Bank of Ireland in the provision of services to Irish
schemes.
“We take pride in maintaining a strong and ethical reputation in
the industry, making us a trustworthy choice for Irish regulated
investment funds,” said Sullivan.
U.S. Bank is an active member of the Irish Funds Industry
Association. Sullivan serves a member of the Depositary Committee
and participates in various sub-committees and leadership events to
remain deeply engrained in the local market.
About U.S. Bank
U.S. Bancorp, with 74,000 employees and $482 billion in assets
as of June 30, 2019, is the parent company of U.S. Bank, the
fifth-largest commercial bank in the United States. The
Minneapolis-based bank blends its relationship teams, branches and
ATM network with mobile and online tools that allow customers to
bank how, when and where they prefer. U.S. Bank is committed to
serving its millions of retail, business, wealth management,
payment, commercial and corporate, and investment services
customers across the country and around the world as a trusted
financial partner, a commitment recognized by the Ethisphere
Institute naming the bank a 2019 World’s Most Ethical Company.
Visit U.S. Bank at usbank.com or follow on social media to stay up
to date with company news.
About U.S. Bank Global Fund Services
Our global fund services team combines industry-leading
technology with high-quality customer service to offer customized
product solutions for alternative investments, mutual funds and
exchange-traded products. This team and our corporate trust and
custody teams compose our Investment Services division, which in
total, holds more than $6.7 trillion in assets under custody and
administration. We operate a network of more than 4,500 employees
in more than 100 offices across the U.S. and Europe to fully
support your unique local, national and international needs.
Grounded on the highest ethical standards, we partner with you to
provide reliable and responsive corporate trust, custody and fund
services tailored to our diverse client base. U.S. Bank Global Fund
Services (Ireland) Limited is authorised and regulated by the
Central Bank of Ireland under the Investment Intermediaries Act,
1995. For more information about our comprehensive investment
services offerings, visit us at usbank.com/investmentservices.
About U.S. Bank Depositary Services
U.S. Bank Depositary Services provides depositary services to
the Company as required under the UCITS Regulations. Elavon
Financial Services DAC, trading as U.S. Bank Depositary Services,
is regulated by the Central Bank of Ireland and is registered in
Ireland with the Companies Registration Office Reg. No. 418442. The
registered office is Building 8, Cherrywood Business Park,
Loughlinstown, Co. Dublin, D18 W319. U.S. Bank Depositary Services
is a wholly owned subsidiary of U.S. Bancorp.
U.S. Bank Depositary Services has as its main business activity
the provision of custodial and depositary services, and related
services, to collective investment schemes. In addition, the
Depositary currently provides Depositary “Lite” services to a $13
billion book of non-EU alternatives funds marketing into the EU.
For more information on our depositary services, visit us at
http://www.usbfs.com/usbfs/alternative-investment-solutions/European-admin/depositary-services.aspx.
About Leadenhall
Leadenhall Capital Partners offers dedicated funds and managed
accounts that give institutional investors access to both life and
non-life insurance linked investments. Investors benefit from the
attractive returns of the sector, whilst diversifying their risks
from the traditional capital markets. Many instruments, such as cat
bonds and private placements of collateralized reinsurance, are
used to transfer insurance-linked risk to the capital markets.
Leadenhall uses all of them to ensure liquidity, profitability,
diversification and growth.
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version on businesswire.com: https://www.businesswire.com/news/home/20190722005226/en/
Kimberly Mikrot, U.S. Bank Public Affairs & Communications
kimberly.mikrot@usbank.com | 612.303.7903
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