FundBank, National Association launches in the U.S.
AUSTIN, Texas, Nov. 21, 2024 /PRNewswire/ -- FundBank, National Association ("FundBank, N.A.") announced today that it has been approved by the U.S. Department of the Treasury's Office of the Comptroller of the Currency to operate a national bank. FundBank, N.A. is headquartered in Austin, Texas, with a relationship management office in New York City, NY. The bank will commence operations with a limited number of initial clients and plans to fully open in mid-December.
FundBank, N.A. was established for, and is dedicated to, serving the asset management industry. FundBank specializes in banking for hedge, private equity, venture capital, debt and real estate investment funds and their management entities.
Unlike commercial banks that are subject to credit, duration, interest rate volatility risk and are leveraged by design, FundBank, N.A. operates as an institutional trust bank and holds all client funds in trust. FundBank does not engage in lending or other leveraged activity. The Bank operates to facilitate security and availability of client funds, even during market volatility.
Colm O'Driscoll, Vice Chairman of FundBank, N.A. and FundBank Ltd., commented, "As the asset management industry rapidly evolves from the recent banking failures, so must its banking solutions. We identified a demand from asset managers for a robust and fully dedicated banking partner, delivering banking solutions focused on the unique needs of asset management clients. Expanding into the U.S. market has been a continued request from our clients, and we are pleased to have made this a reality for them. As part of our commitment to our clients and the industry, we look forward to further announcements in relation to our products, services, and geographic reach. This will include our expansion into Europe, with an application to the Commission de Surveillance du Secteur Financie (CSSF) in Luxembourg and the European Central Bank (ECB) for banking authorization."
John Rosanelli, CEO of FundBank N.A., commented, "We understand that the cash flows of our clients can be large, volatile, and transient. Operating as a trust bank, our clients are not exposed to the credit, liquidity and duration risks that caused the recent regional bank failures. FundBank offers our clients safety, security and stability for their investors and their managed funds."
About FundBank
FundBank is a leading institutional bank serving the global asset management industry. Our team of industry experts, powered by innovative technology, deliver expert banking solutions to help asset management businesses thrive and grow.
Visit www.fundbank.com to learn more.
Media Contact:
Maria Cano
mcano@fundbank.com
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SOURCE FundBank, N.A.