U.S. Bank Enhances Pivot with Middle Office Services for CLO Managers
June 15 2015 - 9:00AM
Business Wire
Upgrade completes its middle office platform
and expands access to industry-leading online portal
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 ServicesU.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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150615005267/en/
U.S. Bank Corporate CommunicationsPat Swanson,
816-871-2394patrick.swanson@usbank.com
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