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U.S. BANCORP FUND SERVICES LLC AFFILIATE, QUINTILLION LIMITED, EXPANDS MIDDLE OFFICE SERVICES WITH DTCC RECONCILIATION SERVICE

Release Date: 26 January, 2017

DUBLIN (January 26, 2017) – Quintillion Limited, the European-based affiliate of U.S. Bancorp Fund Services LLC, has expanded its middle office services to include a specialised DTCC reconciliation offering for the OTC derivative and credit spaces.

Quintillion clients using DTCC (The Depository Trust & Clearing Corporation) for electronic confirmation services can now take advantage of a specialised reconciliation service provided by Quintillion. Daily data from DTCC is now combined with enriched Quintillion portfolio information maintained within Advent Geneva, allowing the fund manager to outsource this function.

Many reconciliations use an extended range of match criteria necessary for fully identifying any OTC derivative or credit instrument breaks between the trading counterparty and the fund. These reconciliations are reviewed within the Quintillion operations team before being reported back to the fund as an integral component of the daily client report suite. It is expected that the specialised DTCC reconciliation service will allow Quintillion clients to significantly streamline operations and provide a higher standard of reconciliation oversight. Our first client began using the service in July 2016.

“We are delighted to roll out the first of our enterprise-level product development programs,” said Linda Gorman, CEO of Quintillion. “We are looking forward to leveraging the service capabilities of U.S. Bank to stay ahead of market expectations with this client-driven initiative.”

In 2013, U.S. Bancorp Fund Services acquired Quintillion. At the time, the transaction added $18 billion in hedge fund assets under administration and more than 50 employees in Dublin to its existing alternative investment business. Since the acquisition, Quintillion has grown its client base and increased its assets under administration by more than 45 percent.

U.S. Bancorp Fund Services currently has more than 1,345 associates with alternative operational offices in Milwaukee, Edison, Hackensack, the Cayman Islands, London, and Dublin. With total assets of $960 billion, U.S. Bancorp Fund Services now has $109 billion in alternative investment assets.

About Quintillion

Quintillion’s principal service is the delivery of accurate and timely net asset values that have been independently calculated in a highly automated, integrated and controlled environment for an extensive range of investment strategies. Founded in 2006, Quintillion’s expertise and leading technology are fortified by the financial strength of U.S. Bank, the fifth largest commercial bank in the United States and the parent company of both Quintillion and U.S. Bancorp Fund Services. Visit Quintillion on the web at www.quintillion.com.

About U.S. Bancorp Fund Services

Headquartered in Milwaukee since 1969, U.S. Bancorp Fund Services LLC provides single-source solutions to support a variety of investment strategies and products including mutual funds, alternative investments, open-end, closed-end, and exchange traded funds. The division currently services 555 fund families comprised of 3,350 portfolios, 4,205 fund classes, and 3.5 million shareholder accounts with $960 billion in client assets. U.S. Bancorp Fund Services is a subsidiary of U.S. Bank, the fifth largest commercial bank in the United States. Visit U.S. Bancorp Fund Services on the web at usbfs.com.