Deals & People February 1, 2012

U.S. Bank Acquires Trust and Custody Business of Union Bank

 U.S. Bank National Association entered into a definitive agreement with Union Bank, N.A.
Reported by

U.S. Bank will purchase the institutional trust business providing services to retirement plans, labor management trusts and registered investment advisers from Union Bank, N.A.  With this transaction, the Institutional Trust and Custody division of U.S. Bank will acquire approximately 4,300 client relationships representing $42 billion in assets under administration.

“This acquisition is a great fit for U.S. Bank and solidifies us as a leading provider of institutional trust and custody services by significantly increasing U.S. Bank’s scale supporting the retirement services, labor management and registered investment adviser markets,” said Terrance Dolan, vice chairman of the U.S. Bank Wealth Management and Securities Services division.

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U.S. Bank anticipates retaining many of the relationship staff and presence in current market locations. Terms of the transaction were not disclosed.

Deals & People February 1, 2012

kasina Hires Head of Research

Larry Petrone was appointed as kasina’s head of research.
Reported by

Petrone’s expertise will help grow kasina’s research offerings and will allow kasina’s clients to better position their product development and distribution.

Petrone has more than 15 years of experience in the financial services industry. He has extensive experience in developing and supervising research staff, developing investment product and distribution research, delivering industry presentations and identifying investment opportunities.

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Prior to joining kasina, Petrone worked at FRC Research Corporation as the director of research/senior consultant. He managed a team of senior research analysts, evaluated business strategy, product offerings and distribution capabilities of investment management. Prior to FRC, he worked for a number of companies as a senior investment consultant, portfolio manager, director of research and senior research analyst. Petrone graduated from Gordon College and received his Masters in Education from Boston College.

 

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