U.S. Bancorp Fund Services
mutual fund administration and accounting servicing business for an undisclosed sum.
The unit has more than $8 billion in assets under
U.S. Bancorp currently provides
transfer agent and custody services to Fiduciary
Management's customers, including the
Brandywine Funds, the Reynolds Funds and Fiduciary
Fiduciary Management chairman and CEO
said in a news release Monday that
the deal enables the firm to concentrate
on asset management.
"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," he said.
US Bancorp Fund Services president Joe Redwine
said the purchase "complements our business model" and "allows us to provide Fiduciary Management's clients with our fully integrated mutual fund services."
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