U.S. Bank consolidates teams into new private capital division

U.S. Bank consolidates teams into new private capital division
It brings together experts from across the firm as a centralized team.
FEB 26, 2024

U.S. Bank is consolidating several parts of its business that focus on private capital markets into a new division.

The bank currently serves around 200 private capital clients including fund custody and administration, along with lending and capital markets underwriting and distribution.  They will now all be under the Private Capital and Global Asset Management division.

The division will be led by 25-year veteran Stephen Jeselson, who will oversee a team of experts serving current asset management clients and grow its offering to additional private equity and private credit firms and other diversified investment managers. Jeselson has been with the bank as managing director for the past five years.  

With AUM growing in the private capital markets space in recent years, U.S. Bank is keen to expand on its success in financing and asset-servicing capabilities for the industry through products including comprehensive fund finance, foreign exchange, treasury management, depositary services, capital markets solutions and trustee capabilities.

“Our unique product mix – especially with our industry-leading corporate trust and fund services capabilities – has put us in an excellent position to meet the needs of private capital asset managers,” said Gunjan Kedia, vice chair of wealth, corporate, commercial and institutional banking. “With a proven service model designed for the complexities of managing these funds, we have developed deep relationships with many of the leading private capital asset managers. The new division will create the focus and resources necessary to give our growing number of private capital clients access to the financial services and expertise they need.”

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.