Quintillion Completes Depositary Lite License
Release Date: 16 May, 2014
Quintillion, a wholly-owned subsidiary of U.S. Bancorp Fund Services, is excited to announce that it has received its license to provide depositary lite services.
New depositary regulations are a component of the Alternative Investment Fund Managers Directive (AIFMD),
a European Union directive put into place in July 2013 to regulate EU fund managers managing alternative investment funds as well as non-EU fund managers that market shares of or manage alternative investment funds established in the EU.
A key supplement to the Directive provides a framework for the regulation of depositaries to ensure a high standard of investor protection. Under AIFMD, EU alternative investment funds are required to appoint a single depositary; however, in the case where non-EU alternative investment funds are marketed in the EU, the fund is not required to appoint a single depositary but must appoint one or more entities to provide core depositary services. We are now in a position to offer depo-lite to any of our clients.
“We have great plans to significantly grow the financial services business in Europe, and joining with U.S. Bank engineers our infrastructure to get ready for that; depo-lite is just the first step,”
- Joan Kehoe
CEO of Quintillion.
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.
Quintillion is a leading, independent hedge fund administration company providing clients with integrated middle and back office services.
Further information: www.quintillion.com
Head of Business Development – Quintillion Limited
Phone: +353-1-5238003 / Mobile: +353-87-131 9552