U.S. Bank announced yesterday the opening of its new Luxembourg office, which provides fund accounting and administration, domiciliation, depositary and custody-related services for Luxembourg-domiciled funds.
Didier Delvaux, who joined U.S. Bank earlier this year as Luxembourg Country Head, will oversee the new office. Mr Delvaux has more than 25 years of fund administration and custody experience. Prior to joining U.S. Bank, he worked at State Street, where he was head of fund administration and prior to that, chief operating officer (COO) for 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,” explained Didier Delvaux. “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”.
He added: “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”.
U.S. Bank has been present in Europe for more than fiurteen years and has ten offices housing more than 2,800 employees. U.S. Bank’s investment services division has more than $7.7 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.
U.S. Bank is an active member of the Luxembourg Private Equity and Venture Capital Association (LPEA), the Association of the Luxembourg Fund Industry (ALFI) and Luxembourg for Finance (LFF).
