US Bank has opened an office in Luxembourg office, provides fund accounting and administration, domiciliation, depositary and custody-related services for Luxembourg-domiciled funds.Didier Delvaux, who joined US Bank earlier this year as Luxembourg Country Head, will oversee the office. He has more than 25 years of fund administration and custody experience. Prior to joining US Bank, Delvaux was at State Street, where he was head of fund administration, and prior to that, chief operating officer, Luxembourg and Ireland.
“As we expand our Global Fund Services business, we’re committed to supporting clients’ needs with our customisable service offerings, state-of-the-art digital tools and exemplary client service,” Delvaux said. “Clients are looking for expertise they can trust; they want a provider with a deep understanding of the industry, investments and their goals. Given the complexity and volatility of the current regulatory and market environment, it’s essential for clients to find a provider who is intimately familiar with local regulatory nuances.
“Our initial focus will be on private equity and private debt funds, where our capabilities are unparalleled in the market. We are making a long-term commitment to the Luxembourg market, as demonstrated by our brand-new office in the Kirchberg financial centre.”
US Bank has had a presence in Europe for more than 14 years and has 10 offices housing more than 2,800 employees. US Bank’s investment services division has more than USD7.7 trillion in assets under custody and administration globally. In addition to offering alternative investment and fund administration services, they also offer investment services products such as custody, full depositary and global corporate trust products, including structured finance, conventional debt and collateralised loan obligations.
Delvaux adds: “We take great pride in maintaining a strong and ethical reputation in the industry. With 50 years in the fund servicing business, backed by the power of the fifth largest commercial bank in the United States, US Bank offers clients a level of service and financial strength that few in the industry can match.”
US Bank is an active member of Luxembourg Private Equity and Venture Capital Association (LPEA), Association of the Luxembourg Fund Industry (ALFI) and Luxembourg for Finance (LFF) to remain deeply engrained in the local market.