U.S. Bank appoints MUFG and Citi as sub-custodians for Asia-Pacific markets

MINNEAPOLIS – U.S. Bank announced today that it has appointed MUFG and Citi as sub-custodians for five additional markets in its Asia-Pacific custody network. This network serves U.S. Bank’s global investment services and institutional clients, including asset managers, pension funds, insurance companies, endowments and foundations

“We’re dedicated to providing our growing international client base with deeper market access, specialized local expertise and exceptional client service,” said Stephen Philipson, vice chair, U.S. Bank Wealth,

Corporate, Commercial and Institutional Banking. “This expansion reflects our ongoing commitment to strengthening our global custody network, improving service delivery and supporting our clients' investment activity across global markets.”

The markets included in this move are Japan, Indonesia, Malaysia, Thailand and Vietnam. U.S. Bank is using MUFG as sub-custodian for Japan; Citi will be sub-custodian for Indonesia, Malaysia, Thailand and Vietnam. With the transition of these markets, U.S. Bank has broadened its proprietary sub-custodian network across 16 markets in the region.

Philipson added, “Partnering with the leading custody providers across these markets allows for later processing deadlines, faster inquiry turnaround times and valuable local market insights. The combination of these benefits, as well as U.S. Bank’s FX capabilities in these markets, delivers a valuable set of solutions to our institutional clients who seek integrated products, operational efficiency and reliable support across their global investment activities.”  

U.S. Bank services more than $11.7 trillion in assets under custody and administration in the Americas, Europe, Middle East, Africa and Asia-Pacific regions. Over the past eight years, U.S. Bank has expanded its direct sub-custodian relationships in key markets across the globe.