U.S. Bank has acquired the units of Union Bank’s institutional trust business that focus on retirement plans, labor management trusts, and registered investment advisors, U.S. Bank’s parent, U.S. Bancorp, announced late Wednesday. As a result of the deal, which closed yesterday, U.S. Bank’s Institutional Trust and Custody division acquired approximately 4,300 client relationships representing $42 billion in assets under administration, U.S. Bancorp said.

“This acquisition is a great fit for U.S. Bank and solidifies us as a leading provider of institutional trust and custody services by significantly increasing U.S. Bank’s scale supporting the retirement services, labor management, and registered investment advisor markets,” Terrance Dolan, vice chairman of the bank’s Wealth Management and Securities Services division, said in a statement.

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