U.S. Bank expands its Global Fund Services offerings, opens Luxembourg office
November 16 2020 - 2:00AM
Business Wire
U.S. Bank today announced the opening of their Luxembourg
office, which provides fund accounting and administration,
domiciliation, depositary and custody-related services for
Luxembourg-domiciled funds.
Didier Delvaux, who joined U.S. Bank earlier this year as
Luxembourg Country Head, will oversee the office. He has more than
25 years of fund administration and custody experience. Prior to
joining U.S. Bank, Delvaux was at State Street, where he was head
of fund administration, and prior to that, chief operating officer,
Luxembourg and Ireland.
“As we expand our Global Fund Services business, we’re committed
to supporting clients’ needs with our customizable service
offerings, state-of-the-art digital tools and exemplary client
service,” Delvaux said. “Clients are looking for expertise they can
trust; they want a provider with a deep understanding of the
industry, investments and their goals. Given the complexity and
volatility of the current regulatory and market environment, it’s
essential for clients to find a provider who is intimately familiar
with local regulatory nuances.
“Our initial focus will be on
private equity and private debt funds, where our capabilities are
unparalleled in the market. We are making a long-term commitment to
the Luxembourg market, as demonstrated by our brand-new office in
the Kirchberg financial center.”
U.S. Bank has had a presence in Europe for more than 14 years
and has 10 offices housing more than 2,800 employees. U.S. Bank’s
investment services division has more than $7.7 trillion in assets
under custody and administration globally. In addition to offering
alternative investment and fund administration services, they also
offer investment services products such as custody, full depositary
and global corporate trust products, including structured finance,
conventional debt and collateralized loan obligations.
Delvaux added, “We take great pride in maintaining a strong and
ethical reputation in the industry. With 50 years in the fund
servicing business, backed by the power of the fifth largest
commercial bank in the United States, U.S. Bank offers clients a
level of service and financial strength that few in the industry
can match.”
U.S. Bank is an active member of Luxembourg Private Equity and
Venture Capital Association (LPEA), Association of the Luxembourg
Fund Industry (ALFI) and Luxembourg for Finance (LFF) to remain
deeply engrained in the local market.
About U.S. Bank
U.S. Bancorp, with more than 70,000 employees and $540 billion
in assets as of Sept. 30, 2020, is the parent company of U.S. Bank
National Association, 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 one of the 2020 World’s Most
Ethical Companies. 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 $7.7 trillion in assets under custody and
administration. We operate a network of more than 4,500 employees
in more than 105 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.
Elavon Financial Services DAC Luxembourg Branch (trading as U.S.
Bank Depositary Services Luxembourg) is registered in Luxembourg
with RCS number B244276 and Registered Office: Floor 3, K2 Ballade,
4, rue Albert Borschette, L-1246 Luxembourg, regulated and
authorised by the Central Bank of Ireland (CBI) as well as by the
Commission de Surveillance du Secteur Financier (CSSF). Details
about the extent of our authorisation and regulation by the CBI and
the CSSF are available from us on request.
U.S. Bank Global Fund Services (Luxembourg) S.a.r.l. is
registered in Luxembourg with RCS number B238278 and Registered
Office: Floor 3, K2 Ballade, 4, rue Albert Borschette, L-1246
Luxembourg. U.S. Bank Global Fund Services (Luxembourg) S.a.r.l. is
authorised and regulated by the Commission de Surveillance du
Secteur Financier.
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version on businesswire.com: https://www.businesswire.com/news/home/20201115005042/en/
Kimberly Mikrot, U.S. Bank Public Affairs & Communications
kimberly.mikrot@usbank.com | 612.206.2553
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