U.S. Bank has launched a new division dedicated to serving private capital firms and global asset managers. The private capital and global asset management division (PCGAM) brings together all parts of the bank that currently serve more than 200 private capital clients with a range of products and services, including fund custody and administration as well as lending and capital markets underwriting and distribution. The centralised team of private capital experts will focus on client relationship management, with the individual businesses – such as global fund services – continuing to deliver the underlying products and services.
Stephen Jeselson has been named head of PCGAM. For the last five years, Jeselson has been a managing director at U.S. Bank, helping to lead the bank’s financing of private equity firms and their portfolio companies. He is based in New York and reports to F.H. Alborn, EVP and group head of the financial institutions group.