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

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.”