U.S. Bank enhances offering to include ILP funds 29 March 2021UK Reporter: Maddie Saghir
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U.S. Bank is expanding its services to include Irish Limited Partnership (ILP) funds, providing an end-to-end solution across loan administration, fund and investor services, depositary, custody and account banking.
The bank explains it has established a comprehensive ILP solution as part of its product offering. U.S. Bank’s Global Fund Services, Depositary Services and Global Corporate Trust business lines will combine to provide a holistic, one U.S. Bank approach.
According to U.S. Bank, this will enable the provision of fund administration, depositary, loan administration custody and account banking services to be delivered through an integrated relationship management model.
Linda Gorman, CEO of U.S. Bank Global Fund Services, comments: “We’re presently meeting with current and prospective U.S. Bank clients about providing servicing solutions for ILP structures which they are currently forming.”
“Our team has extensive experience in supporting regulated alternative investment funds (AIF) in addition to closed-ended debt funds structured as partnerships in other domiciles. We look forward to assisting our global clients as they add ILP structures to their product suite.”
Gorman explains that the features of the ILP structure are comparable to those in other fund jurisdictions such as Luxembourg where U.S. Bank already provides services to partnership structures.
According to Gorman, this allows Ireland to become a jurisdiction of choice for private equity, infrastructure and closed-ended funds.
“We’ll help our ILP clients stay a step ahead and achieve speed to market with their fund launch as we collaborate with our teams around the globe,” Gorman adds.
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