U.S. Bank Enhances Pivot with Middle Office Services for CLO Managers

Upgrade completes its middle office platform and expands access to industry-leading online portal

MINNEAPOLIS--(BUSINESS WIRE)-- U.S. Bank Global Corporate Trust Services has enhanced its online platform, Pivot, expanding access to collateralized loan obligation (CLO) managers that outsource middle office services. Pivot allows these clients to gain cost efficiencies and improve the process of managing their loan portfolios.

U.S. Bank Global Corporate Trust Services invested in this technology to support its commitment to middle office services. The business line’s middle office group currently has $30 billion in assets under administration, and expects to grow its presence as a result of this upgrade. The platform will help clients manage their portfolios online by sharing key deal data and test results, critical alerts, file sharing, self-service reporting, and data comparison tools that streamline the reconciliation process.

“Middle office services are independent of trustee services, so all deal teams, technology, system access, and portfolio administration processes are segregated,” said Herb Schofield, senior vice president for U.S. Bank Global Corporate Trust Services. “Our new platform eliminates a lot of back-and-forth over email, automating processes and sharing information online so a client can respond quickly to a dynamic market environment.”

U.S. Bank made a significant investment in bringing Pivot to the market late last year. The platform has contributed to continued growth for U.S. Bank in the corporate trustee space, leading the industry in market share on CLO issuances last year. According to annual league tables published by Asset-Backed Alert, the bank was trustee on 45 percent of CLO issuances in 2014, up from 32 percent in 2013, 26 percent in 2012 and just 8 percent in 2011.

“This upgrade continues our full court press in building out technology to enhance our clients’ experience,” Schofield said. For example, last month the bank incorporated a new Bloomberg investor reporting standard into Pivot, and future enhancements to the platform will be geared toward addressing trade processing inefficiencies in the market.

About U.S. Bank Global Corporate Trust ServicesU.S. Bank Global Corporate Trust Services is a premier provider of corporate trust services in the United States and Europe, serving private and public companies, government and tax-exempt entities, and financial services companies. The group operates a network of 49 domestic offices and international locations in London and Dublin.

U.S. Bancorp (NYSE: USB), with $410 billion in assets as of March 31, 2015, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The Company operates 3,172 banking offices in 25 states and 5,016 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 usbank.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150615005267/en/

U.S. Bank Corporate Communications
Pat Swanson, 816-871-2394
[email protected]

Source: U.S. Bancorp

You May Also Be Interested In

• U.S. Bancorp (USB) PT Lowered to $44 at DA Davidson
• The European Equity Fund, Inc. Announces Annual Meeting of Stockholders
• reAlpha Tech Corp. Announces Financial Results for the Quarter Ended March 31, 2024