U.S. Bancorp ( USB ) agreed to acquire Ireland-based hedge fund administrator Quintillion Ltd. in a deal that helps the Minneapolis-based bank expand its alternative-investment-servicing network for Europe.

Financial terms weren’t disclosed.

“This transaction allows us to expand our operations in Europe by adding a significant presence in Dublin, an important financial hub,” said Joe Redwine, president of U.S. Bancorp Fund Services.

The transaction adds $18 billion in hedge-fund assets under administration and 53 Dublin-based employees to U.S. Bancorp Fund Services alternative-investment business. U.S. Bancorp Fund Services will now have more than 1,100 associates in Milwaukee, New Jersey, Cayman Islands, London and Dublin.

The combined businesses will support $832 billion in assets under administration for more than 2,900 funds, including $84 billion of alternative-investment assets for investment managers.

U.S. Bancorp in March agreed to buy the municipal bond trustee business of Deutsche Bank AG (DB)in a deal that added $ 57 billion to U.S. Bancorp’s assets under administration.

Shares closed Tuesday at $38.66 and were inactive premarket. The stock has risen 21% so far this year.