U.S. Bancorp Fund Services Fully Deploys Eagle's Fund Accounting Technology
22 March, 2010
Firms work together to meet mutual fund industry’s elaborate processing needs
MILWAUKEE (March 22, 2010) – U.S. Bancorp Fund Services, LLC (USBFS), a full service provider of mutual fund and alternative investment product services, completed one of the largest conversions in the mutual fund industry by successfully implementing the Eagle STAR® accounting technology. USBFS worked with Eagle Investment Systems LLC to tailor the system’s functionality to support its investment strategies. U.S. Bancorp Fund Services’ 111 mutual fund accounting clients, representing 520 funds, 717 classes, and $155 billion in assets, now benefit from the industry’s premier fund accounting system.
U.S. Bancorp Fund Services selected the Eagle STAR® accounting platform because of its flexibility and capacity to leverage U.S. Bancorp Fund Services’ significant accounting expertise and industry insight. “Through our relationship with Eagle, we underwent extensive development and testing to ensure the software would support every type of client, fund, and investment strategy including derivatives, swaps, options, futures and master feeder structures,” said Joe Neuberger, executive vice president of U.S. Bancorp Fund Services Fund Administration and Fund Accounting services.
“U.S. Bancorp Fund Services’ collaboration with Eagle helped enhance our solution to address the vast majority of mutual funds’ processing needs through an open architecture and innovative technology. This is something many older systems have a hard time addressing. Our synergy with U.S. Bancorp Fund Services is a perfect example of how a strong development relationship can provide benefits to all of Eagle’s fund accounting clients,” said John Lehner, chief executive officer and president of Eagle Investment Systems.
“By applying our extensive oversight and internal controls with the system’s exception-based analysis, we developed a workflow that ensures consistent accounting treatment with particular emphasis on reference and pricing data to provide clients with best-in-class flexibility, accuracy and responsiveness,” said Dana Armour, senior vice president of U.S. Bancorp Fund Services Fund Accounting services. Through Eagle’s STAR® system’s sophisticated technology and U.S. Bancorp Fund Services’ dedication to timeliness and quality, clients can rely on U.S. Bancorp Fund Services to consistently calculate and distribute accurate net asset values.
About U.S. Bancorp Fund Services, LLC
Since 1969, U.S. Bancorp Fund Services has supported investment managers, banks, and broker-dealer firms sponsoring mutual funds with assets ranging from the level of start-up to $88 billion. Established exclusively to serve the unique needs of registered and unregistered products, we are headquartered in Milwaukee, Wisconsin and provide comprehensive mutual fund and alternative investment services to more than 270 fund complexes with more than 1,600 portfolios and aggregate assets of $583 billion. Visit us at www.usbfs.com.
Eagle Investment Systems LLC, a subsidiary of BNY Mellon, is a global provider of financial services technology. Eagle provides leading-edge technology and services for data management, investment accounting and performance measurement. Eagle’s product suite is offered as an installed application or can be hosted via Eagle ACCESSSM, Eagle’s ASP offering.
BNY Mellon's Asset Servicing business supports institutional investors in today’s fast-evolving markets, safeguarding assets and enhancing the management and administration of client investments through services that process, monitor and measure data from around the world. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.3 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $12 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at www.bnymellon.com.
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