U.S. Bancorp Fund Services is buying Fiduciary Management's mutual fund administration and accounting servicing business for an undisclosed sum. The unit has more than $8 billion in assets under administration.

U.S. Bancorp currently provides transfer agent and custody services to Fiduciary Management's customers, including the Brandywine Funds, the Reynolds Funds and Fiduciary Management's funds.

Fiduciary Management chairman and CEO Ted Kellner said in a news release Monday that the deal enables the firm to concentrate on asset management.

"Our long history with U.S. Bancorp Fund Services, their significant scale and dedication to mutual fund servicing through investments in premier technology and high-caliber people, make this a perfect fit," he said.

US Bancorp Fund Services president Joe Redwine said the purchase "complements our business model" and "allows us to provide Fiduciary Management's clients with our fully integrated mutual fund services." 

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