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US Bancorp Acquires Milwaukee Fund Administration Unit
Nick Parmee
6 October 2009
Milwaukee-based Fiduciary Management has sold its mutual fund administration and accounting servicing division to US Bancorp Fund Services for an undisclosed price. Fiduciary chairman and chief executive Ted Kellner said the division has more than $8 billion in assets under administration, with 16 employees who will now be working for US Bancorp in Milwaukee. Fiduciary Management will continue to operate its investment management business with more than $6 billion in assets under management and 32 employees. Mr Kellner said: "This transaction allows us to concentrate on asset management and providing the best performance to our clients and mutual fund shareholders." Joe Redwine, president of
US Bancorp Fund Services currently provides transfer agent and custody services to Fiduciary Management’s clients, including the