Stephen Philipson and Anton LeRoy discuss what the completed acquisition means for the companies it serves
U.S. Bancorp recently completed its acquisition of BTIG, a financial services firm specializing in investment banking, institutional sales and trading, research, and prime brokerage. In this Q&A, Stephen Philipson, vice chair and head of Wealth, Corporate, Commercial and Institutional Banking at U.S. Bancorp, and Anton LeRoy, CEO of BTIG, discuss how the deal will enable both organizations to deliver greater value, innovation and efficiency to the companies and institutions they serve.
U.S. Bancorp has worked with BTIG for more than a decade. What made now the right time to bring the two organizations together?
Philipson: We’ve had a long, successful partnership with BTIG going back to 2014, so this wasn’t about starting something new. BTIG has been our equity capital markets referral partner, and in 2023, we began an M&A advisory referral program. The partnership has resulted in many U.S. Bancorp clients experiencing the high-touch service and excellent execution for which BTIG is known.
This acquisition is about taking something that already worked well and making it even stronger. Over time, our clients increasingly asked us for equity and advisory capabilities, and we knew that was an area where BTIG truly excelled.
LeRoy: BTIG’s business has grown significantly through its 20-year history. Coming together now with U.S. Bancorp allows us to meet growing client demand, fill key product gaps and accelerate the momentum we’ve already built through our partnership.
How does this acquisition enhance what U.S. Bancorp can offer corporate and institutional clients?
Philipson: This combination allows us to deliver a much more comprehensive capital markets platform. U.S. Bancorp has built a strong business in fixed income, lending and risk management. BTIG brings complementary strengths in equity capital markets, M&A advisory, equity trading, research and prime brokerage.
For clients, that means they can continue working with a bank they already trust while gaining access to expanded capabilities, without needing to look elsewhere. It’s about deepening relationships and helping clients grow and compete more effectively.
How will being part of U.S. Bancorp benefit BTIG clients?
LeRoy: BTIG clients will gain access to U.S. Bancorp’s robust financial platform and extensive product set. U.S. Bancorp has a proud 163-year heritage as a trusted financial partner for corporations and institutions. The strength of its balance sheet, its stability and its wide range of services translate into new ways for our clients to access capital, move money and manage risk. It’s a top lender to corporates and institutions, ranked No. 1 in the corporate trust markets it serves, and a leading company for investment grade corporate bond and loan markets. Our clients will also benefit from services such as wealth management, fund services, payments, treasury management capabilities and more.
What stands out to you about the culture and leadership of U.S. Bancorp and BTIG?
Philipson: Culture was a critical factor for us. BTIG has built its reputation on high‑touch service, deep expertise and strong client relationships, and that aligns very well with how we operate at U.S. Bancorp. Because we’ve worked together for so long, we know their leadership team well, and we know how they show up for clients and employees.
That’s why it was important to us to keep BTIG’s leadership team in place. Anton and the broader management team will continue leading the business, which helps ensure continuity for both clients and employees.
LeRoy: Working together for the last 10 years showed how closely aligned our cultures are. This will help drive a successful integration. Our shared values include a client-first culture, a focus on high performance and a drive for product innovation.
How does the combined firm help the growing exchange-traded fund (ETF) services marketplace?
Philipson: We are increasingly excited about growth in ETFs, where the combined platform creates meaningful new opportunities. U.S. Bancorp serves nearly half of U.S. ETF issuers, with continued strong activity this year. We have launched 216 ETFs year-to-date, which has us on a path to exceed our 2025 launch pace, a year in which we helped launch 46% of all new U.S. ETFs, up 60% from 2024.
LeRoy: BTIG provides a full suite of ETF capital markets and trading capabilities, supporting launch, liquidity and execution. The combination positions us to support ETF clients from product launch through trading, distribution and scaling.
What excites you most as you look ahead?
Philipson: What excites me most is the opportunity to create something greater together than either organization could do on its own. U.S. Bancorp brings a robust financial platform and long‑standing client relationships, while BTIG brings exceptional talent, capabilities, market expertise and an expanded client set.
LeRoy: I’m energized by the shared vision between our organizations and confident that joining forces will allow us to accelerate our growth and further enhance client service. Together, we’re better positioned to support clients through every stage of their growth and to compete more effectively for the long term.
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