U.S. Bank now offering customized suite of solutions for SPACs

April 28, 2021

If you’re the sponsor of a Special Purpose Acquisition Company (SPAC), you need an experienced partner to assist with trustee administration and investment and disbursement services. 

U.S. Bank, the fifth-largest commercial bank in the U.S., has a long, successful track record servicing registered funds and is now offering all of the regulatory and accounting services and trustee needs a SPAC sponsor requires. 

“Our integrated, end-to-end solutions are designed to meet all your SPAC-specific needs with a single provider,” said Christine Waldron, Chief Global Strategy Officer at U.S. Bank Global Fund Services, a unit of U.S. Bank Wealth Management and Investment Services. “Our customized solutions integrate with your existing workflows to streamline processes, decrease turnaround times and improve the quality of investment and disbursement services.”

A SPAC is a company that is formed to raise capital in an IPO for the purpose of acquiring an existing company (or companies). Often referred to as “blank-check companies,” SPACs enable investors to take a private company public with more speed and less uncertainty than the traditional IPO process. 

SPACs have grown in popularity from a specialty niche market to a global, multibillion-dollar vehicle. In 2020, gross proceeds reached $79 billion, a 480 percent jump from the year prior.

U.S. Bank offers a wide variety of SPAC-specific requirements: 

  • Establishing a special-purpose segregated trust account to hold SPAC proceeds
  • Holding, investing and disbursing of funds in accordance with a trust agreement
  • Providing statements and secure online reporting of account holdings and activity
  • Maintaining investment books and records 
  • Reconciling cash and transaction activity 
  • Serving as custodian for cash balances
  • Preparing 10-Q’s and 10-K’s 
  • Reviewing and providing support for S-1s 
  • Tax reporting

“Our dedicated team has the knowledge and expertise to support the unique requirements of SPAC sponsors,” Waldron said. “We are proud to offer a high level of service and a seamless experience to help sponsors expand their portfolio of products.” 

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