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