Quintillion, the European-based affiliate of US Bancorp Fund Services, has expanded its middle office services to include a specialised DTCC reconciliation offering for the OTC derivative and credit spaces.

Quintillion clients using DTCC (The Depository Trust & Clearing Corporation) for electronic confirmation services can now take advantage of a specialised reconciliation service provided by Quintillion.
 
Daily data from DTCC is now combined with enriched Quintillion portfolio information maintained within Advent Geneva, allowing the fund manager to outsource this function.
 
Many reconciliations use an extended range of match criteria necessary for fully identifying any OTC derivative or credit instrument breaks between the trading counterparty and the fund. These reconciliations are reviewed within the Quintillion operations team before being reported back to the fund as an integral component of the daily client report suite.
 
It is expected that the DTCC reconciliation service will allow Quintillion clients to streamline operations and provide a higher standard of reconciliation oversight. The first client began using the service in July 2016.
 
“We are delighted to roll out the first of our enterprise-level product development programmes,” says Linda Gorman (pictured), CEO of Quintillion. “We are looking forward to leveraging the service capabilities of US Bank to stay ahead of market expectations with this client-driven initiative.”
 
In 2013, US Bancorp Fund Services acquired Quintillion. At the time, the transaction added USD18 billion in hedge fund assets under administration and more than 50 employees in Dublin to its existing alternative investment business. Since the acquisition, Quintillion has grown its client base and increased its assets under administration by more than 45 per cent.