State Street announced today that U.S. Bancorp Asset Management – the fund management arm of U.S. Bancorp – had appointed the bank to provide custody, securities lending and foreign exchange services to the International Funds within the First American Fund Family, which US Bancorp Asset Management advises.
The International Funds, which represent approximately $810 million in global assets, were previously serviced by Deutsche Bank’s Global Securities Services (GSS) business, which State Street acquired this month when the bank purchased Deutsche Bank’s custody, fund administration, Depotbank, securities lending, performance measurement and benefits payments businesses in the U.S., U.K., Continental Europe and Asia.
“We are extremely pleased to be selected by U.S. Bancorp Asset Management for this important mandate,” says Jay Hooley, executive vice president of State Street. “This agreement demonstrates the success of our ongoing integration of the Deutsche businesses and our commitment to bring the tremendous value of the acquisition to existing and potential clients. We expect the large base of sophisticated global investment managers serviced by Deutsche will recognize the benefits of partnering with a strong, global provider committed long-term to offering flexible, high-quality investment services solutions to meet their specific needs.”
The First American Funds, one of the largest fund families in the U.S., manages over $53 billion in open-end fund assets. Shareholders are individuals and institutions, including corporations, foundations, pensions and retirement plans around the world. In September 2001, following the merger of U.S. Bank and Firstar Bank, First American Funds and Firstar Funds merged, creating one of the largest fund families in the nation.
“We are extremely pleased to partner with State Street, who we are fully confident will enhance the high-quality service we received from Deutsche Bank over the last several years,” says Robert H. Nelson, Chief Operating Officer of U.S. Bancorp Asset Management.
With more than $113 billion (as of Dec. 31, 2002) in assets under management, U.S. Bancorp Asset Management, Inc. is the 42nd largest asset manager in the world and one of the leading money managers in the US.