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U.S. Bancorp Fund Services, LLC Acquires Quintillion Limited

Release Date: 20 November, 2013

U.S. Bancorp Fund Services, LLC, a subsidiary of U.S. Bancorp (NYSE: USB), announced it has agreed to acquire Quintillion Limited (Quintillion), an Ireland domiciled full-service hedge fund administrator. The announcement supports U.S. Bancorp Fund Services’ strategic initiative to expand its alternative investment servicing network supporting the European investment community.

“This acquisition continues to showcase the long-term commitment of U.S. Bancorp to grow our securities services business,” said Terrance Dolan, vice chairman of U.S. Bancorp Wealth Management & Securities Services. “This enables us to enhance our European presence through additional talented resources, and complements our focus on the expansion and diversification of our alternative investment business.”

The transaction adds $18 billion in hedge fund assets under administration and 53 Dublin-based employees to U.S. Bancorp Fund Services existing alternative investment business. U.S. Bancorp Fund Services will now have more than 1,100 associates with operational offices in Milwaukee, New Jersey, Cayman Islands, London and Dublin. The combined businesses will support $832 billion in assets under administration for more than 2,900 funds, including $84 billion of alternative investment assets for investment managers.

“This transaction allows us to expand our operations in Europe by adding a significant presence in Dublin, an important financial hub,” said Joe Redwine, president of U.S. Bancorp Fund Services. “We are pleased to have Quintillion join our team, and believe new and existing clients will benefit from a growing servicing partnership founded on providing strong technology solutions coupled with industry-leading expertise."

Clients of the combined organization will experience a seamless integration due to consistency in technology applications, with an enhanced set of combined capabilities to meet their full set of servicing needs. “We are excited to become part of a growing team and a company with a similar set of core values and approach to customer service,” said Joan Kehoe, chief executive officer of Quintillion. “We believe U.S. Bancorp's financial strength and highly-regarded service offerings, such as expanded custody, trust, and other banking services, will provide significant benefits to our clients.”

About U.S. Bancorp Fund Services
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 443 fund families comprised of 2,868 portfolios, 3,123 fund classes, and 3.7 million shareholder accounts with $814 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 www.usbfs.com.

About U.S. Bancorp
Minneapolis-based U.S. Bancorp, with $361 billion in assets as of September 30, 2013, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The Company operates 3,088 banking offices in 25 states and 4,937 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

About Quintillion:
Quintillion is a leading, independent hedge fund administration company providing clients with integrated middle and back office services.

Further information: www.quintillion.com

Contact
Ken Somerville
Head of Business Development – Quintillion Limited
Phone: +353-1-5238003 / Mobile: +353-87-131 9552
Email: ken.somerville@quintillion.com