Upgrade completes its middle office platform and expands access to
industry-leading online portal
MINNEAPOLIS--(BUSINESS WIRE)--Jun. 15, 2015--
U.S. Bank Global Corporate Trust Services has enhanced its online
platform, Pivot, expanding access to collateralized loan obligation
(CLO) managers that outsource middle office services. Pivot allows these
clients to gain cost efficiencies and improve the process of managing
their loan portfolios.
U.S. Bank Global Corporate Trust Services invested in this technology to
support its commitment to middle office services. The business line’s
middle office group currently has $30 billion in assets under
administration, and expects to grow its presence as a result of this
upgrade. The platform will help clients manage their portfolios online
by sharing key deal data and test results, critical alerts, file
sharing, self-service reporting, and data comparison tools that
streamline the reconciliation process.
“Middle office services are independent of trustee services, so all deal
teams, technology, system access, and portfolio administration processes
are segregated,” said Herb Schofield, senior vice president for U.S.
Bank Global Corporate Trust Services. “Our new platform eliminates a lot
of back-and-forth over email, automating processes and sharing
information online so a client can respond quickly to a dynamic market
environment.”
U.S. Bank made a significant investment in bringing
Pivot to the market late last year. The platform has contributed to
continued growth for U.S. Bank in the corporate trustee space, leading
the industry in market share on CLO issuances last year. According to
annual league tables published by Asset-Backed Alert, the bank was
trustee on 45 percent of CLO issuances in 2014, up from 32 percent in
2013, 26 percent in 2012 and just 8 percent in 2011.
“This upgrade continues our full court press in building out technology
to enhance our clients’ experience,” Schofield said. For example, last
month the bank incorporated a
new Bloomberg investor reporting standard into Pivot, and future
enhancements to the platform will be geared toward addressing trade
processing inefficiencies in the market.
About U.S. Bank Global Corporate Trust Services
U.S. Bank
Global Corporate Trust Services is a premier provider of corporate trust
services in the United States and Europe, serving private and public
companies, government and tax-exempt entities, and financial services
companies. The group operates a network of 49 domestic offices and
international locations in London and Dublin.
U.S. Bancorp (NYSE: USB), with $410 billion in assets as of March 31,
2015, is the parent company of U.S. Bank National Association, the 5th
largest commercial bank in the United States. The Company operates 3,172
banking offices in 25 states and 5,016 ATMs and provides a comprehensive
line of banking, brokerage, insurance, investment, mortgage, trust and
payment services products to consumers, businesses and institutions.
Visit U.S. Bancorp on the web at usbank.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150615005267/en/
Source: U.S. Bancorp
U.S. Bank Corporate Communications
Pat Swanson, 816-871-2394
patrick.swanson@usbank.com