U.S. Bancorp (USB) Fund Services Acquires Mutual Fund Administration and Accounting Service Division of Fiduciary Management

October 5, 2009 4:48 PM EDT
U.S. Bancorp (NYSE: USB) Fund Services, LLC announced today its acquisition of the mutual fund administration and accounting servicing division of Fiduciary Management, Inc. This division of Fiduciary Management has more than $8 billion in assets under administration. Fiduciary Management will continue to operate its investment management business with more than $6 billion in assets under management.

"This acquisition complements our business model and allows us to provide Fiduciary Management's clients with our fully integrated mutual fund services," said Joe Redwine, president of U.S. Bancorp Fund Services. "We are excited to combine this business with our existing capabilities and look forward to working with Fiduciary Management to create an efficient and seamless transition."

Established exclusively to fulfill the unique needs of registered and unregistered products, U.S. Bancorp Fund Services provides a comprehensive suite of mutual fund administration, accounting, transfer agent, custody, distribution and compliance services. U.S. Bancorp Fund Services currently provides transfer agent and custody services to Fiduciary Management's clients, including the Brandywine Funds, the Reynolds Funds and Fiduciary Management's Funds.

"This transaction allows us to concentrate on asset management and providing the best performance to our clients and mutual fund shareholders. Our long history with U.S. Bancorp Fund Services, their significant scale and dedication to mutual fund servicing through investments in premier technology and high-caliber people, make this a perfect fit," said Ted Kellner, chairman and chief executive officer of Fiduciary Management.

"Continuity is integral to any relationship, and U.S. Bancorp Fund Services' ability to ensure clients receive consistent, high quality service, illustrates their commitment to growing their business through a client-focused culture," said Donald Wilson, vice chairman of Fiduciary Management.

This acquisition will provide additional compliance, technology and accounting talent for U.S. Bancorp Fund Services and will also allow it to maintain Fiduciary Management's key client contacts. As an industry leader, U.S. Bancorp Fund Services continues to augment its capabilities to provide innovative solutions that support its clients' businesses.

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