US Bank announced its future site would be in Kirchberg and specialise in fund accounting and administration, domiciliation, deposit and custody services for funds domiciled in the grand duchy.

Delvaux, to head the office, has more than 25 years of experience in administration and fund management, and had left his position as director of operations for Luxembourg and Ireland at State Street to join US Bank at the start of the year.

"A long-term commitment in Luxembourg"

“Customers are looking for expertise they can trust; they want a supplier which has in-depth knowledge of the industry, investments and their goals. Given the complexity and volatility of the current regulatory and commercial environment, it is essential that customers find a service provider perfectly familiar with the local regulatory nuances,” explains Didier Delvaux, who emphasises that the opening of this base in Kirchberg is above all synonymous with a “long-term commitment to the Luxembourg market”.

US Bank, which is part of the Luxembourg Private Equity & Venture Capital Association (LPEA), has a network of 10 offices in Europe and counts around 2,800 employees. Its investment services arm is seated on more than $7.7t in assets in custody and under administration around the world. The US Bank National Association, of which US Bancorp is the parent company, is the fifth largest commercial bank in the US. 

This article was originally published in French on Paperjam.lu and has been translated and edited for Delano.