U.S. Bancorp has acquired the fund administration and account division of Fiduciary Management. The unit has more than $8 billion in assets under administration, while the remaining investment management business of the company as $6 billion in assets under management.

“This acquisition complements our business model and allows us to provide Fiduciary Management’s clients with our fully integrated mutual fund services,” said Joe Redwine, president of U.S. Bancorp Fund Services.

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