U.S. Bank Now Offering Customized Suite of Solutions for SPACs
April 28 2021 - 9:00AM
Business Wire
If you’re the sponsor of a Special Purpose Acquisition Company
(SPAC), you need an experienced partner to assist with trustee
administration and investment and disbursement services.
U.S. Bank, the fifth-largest commercial bank in the U.S., has a
long, successful track record servicing registered funds and is now
offering all of the regulatory and accounting services and trustee
needs a SPAC sponsor requires.
“Our integrated, end-to-end solutions are designed to meet all
your SPAC-specific needs with a single provider,” said Christine
Waldron, Chief Global Strategy Officer at U.S. Bank Global Fund
Services, a unit of U.S. Bank Wealth Management and Investment
Services. “Our customized solutions integrate with your existing
workflows to streamline processes, decrease turnaround times and
improve the quality of investment and disbursement services.”
A SPAC is a company that is formed to raise capital in an IPO
for the purpose of acquiring an existing company (or companies).
Often referred to as “blank-check companies,” SPACs enable
investors to take a private company public with more speed and less
uncertainty than the traditional IPO process.
SPACs have grown in popularity from a specialty niche market to
a global, multibillion-dollar vehicle. In 2020, gross proceeds
reached $79 billion, a 480 percent jump from the year prior.
U.S. Bank offers a wide variety of SPAC-specific
requirements:
- Establishing a special-purpose segregated trust account to hold
SPAC proceeds
- Holding, investing and disbursing of funds in accordance with a
trust agreement
- Providing statements and secure online reporting of account
holdings and activity
- Maintaining investment books and records
- Reconciling cash and transaction activity
- Serving as custodian for cash balances
- Preparing 10-Qs and 10-Ks
- Reviewing and providing support for S-1s
- Tax reporting
“Our dedicated team has the knowledge and expertise to support
the unique requirements of SPAC sponsors,” Waldron said. “We are
proud to offer a high level of service and a seamless experience to
help sponsors expand their portfolio of products.”
For additional information on U.S. Bank’s solutions for SPACs,
please visit our website.
About U.S. Bank
U.S. Bancorp, with nearly 70,000 employees and $553 billion in
assets as of March 31, 2021, 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 digital tools that allow
customers to bank when, where and how they prefer. U.S. Bank is
committed to serving its millions of retail, business, wealth
management, payment, commercial, corporate, and investment
customers across the country and around the world as a trusted and
responsible financial partner. This commitment continues to earn a
spot on the Ethisphere Institute’s World’s Most Ethical Companies
list and puts U.S. Bank in the top 5% of global companies assessed
on the CDP A List for climate change action. Visit usbank.com for
more.
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.
U.S. Bank Global Fund Services is a wholly owned subsidiary of
U.S. Bank, N. A.
U.S. Bank Global Fund Services (Ireland) Limited is registered
in Ireland with the Companies Registration Office Reg. No. 413707
and Registered Office: 24-26 City Quay, Dublin 2, Ireland. U.S.
Bank Global Fund Services (Ireland) Limited is authorised and
regulated by the Central Bank of Ireland under the Investment
Intermediaries Act, 1995.
U.S. Bank Global Fund Services (Guernsey) Limited is licensed
under the Protection of Investors Law (Bailiwick of Guernsey),
1987, as amended by the Guernsey Financial Services Commission to
conduct controlled investment business in the Bailiwick of
Guernsey.
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.
Investment products and services are: NOT A DEPOSIT • NOT FDIC
INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED • NOT INSURED BY ANY
FEDERAL GOVERNMENT AGENCY
U.S. Bank does not guarantee products, services or performance
of its affiliates and third-party providers.
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Kristin Kelly kristin.kelly@usbank.com
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