U.S. Bank Completes Acquisition of PFM Asset Management
December 07 2021 - 1:00PM
Business Wire
U.S. Bank announced that its subsidiary, U.S. Bancorp Asset
Management, Inc. has closed on the agreement to purchase PFM Asset
Management LLC (PFMAM), effective today. The acquisition was
initially announced July 8. PFM Asset Management will continue to
operate as a separate registered investment advisor. As part of the
acquisition, more than 250 PFM Asset Management employees have
joined U.S. Bank.
U.S. Bancorp Asset Management, Inc. is part of U.S. Bank’s
Wealth Management and Investment Services division. With the
addition of PFMAM, Wealth Management and Investment Services has
combined investment assets under management of more than $407
billion1 as of Sept. 30, 2021.
“We’re thrilled to welcome PFM Asset Management to U.S. Bank,”
said Eric Thole, head of U.S. Bancorp Asset Management. “Long known
for its presence in the public sector, PFM Asset Management offers
its clients a variety of product offerings, including local
government investment pools, outsourced chief investment officer
services and separately managed accounts in both fixed income and
multi-asset class strategies, complementing our current book of
business. This acquisition bolsters U.S. Bank’s institutional asset
management presence nationally, and we look forward to growing U.S.
Bank’s thriving investment solutions business with our new
partners.”
Thole added, “Along with a number of new client relationships,
U.S. Bank is also welcoming a group of extremely talented PFM Asset
Management team members. PFMAM has a stellar reputation in the
public space, and that’s a testament to this team. The group is
eager to work with clients on a one-on-one basis to understand
their unique needs and deliver customized, proactive solutions to
help them meet their objectives.”
John Molloy, PFMAM’s chief administrative officer, said “PFMAM
and its clients will benefit from U.S. Bank’s financial strength,
franchise value, world-class technology and cybersecurity. We are
also excited to join an organization that shares a similar culture
– an unwavering commitment to clients, and a reputation for
operating with the highest ethics and valuing its clients,
employees, communities and diversity, equity and inclusion
principles.”
About U.S. Bank
U.S. Bancorp, with nearly 70,000 employees and $567 billion in
assets as of Sept. 30, 2021, is the parent company of U.S. Bank
National Association. The Minneapolis-based company serves millions
of customers locally, nationally and globally through a diversified
mix of businesses: Consumer and Business Banking; Payment Services;
Corporate & Commercial Banking; and Wealth Management and
Investment Services. The company has been recognized for its
approach to digital innovation, social responsibility and customer
service, including being named one of the 2021 World’s Most Ethical
Companies and Fortune’s most admired superregional bank. Learn more
at usbank.com/about.
About U.S. Bancorp Asset Management
U.S. Bancorp Asset Management’s core strength and focus is
managing investment grade fixed income strategies for institutional
clients. A registered investment adviser, it has been providing
investment grade fixed income investment solutions since 1982. With
more than $181 billion in assets under management as of Sept. 30,
2021, U.S. Bancorp Asset Management is a resource for institutional
clients including corporations, healthcare organizations, higher
education, public entities and nonprofits. For more information,
visit usbancorpassetmanagement.com.
U.S. Bancorp Asset Management, Inc. is a registered investment
adviser and subsidiary of U.S. Bank National Association. U.S. Bank
National Association is a separate entity and wholly owned
subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and
does not guarantee the products, services, or performance of U.S.
Bancorp Asset Management, Inc.
About PFM Asset Management
At PFM Asset Management we partner with public sector,
non-profit and other institutions to build tailored, flexible
investment solutions across fixed income and multi-asset
strategies. We focus our efforts on liquidity management,
investment grade fixed income and outsourced chief investment
officer (OCIO) solutions. As of Sept. 30, 2021, PFMAM had more than
$125 billion in assets under management and more than $44 billion
in assets under administration. For more information, visit
pfmam.com.
PFM Asset Management LLC ("PFMAM") is an investment adviser
registered with the U.S. Securities and Exchange Commission and a
subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM
is a subsidiary of U.S. Bank National Association ("U.S. Bank").
U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S.
Bank is not responsible for and does not guarantee the products,
services, or performance of PFMAM.
1 PFM Asset Management and U.S. Bancorp Asset Management had
combined assets under management and administration of more than
$350 billion on Sept. 30, 2021.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
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version on businesswire.com: https://www.businesswire.com/news/home/20211207005935/en/
Kimberly Mikrot, U.S. Bank Public Affairs & Communications
kimberly.mikrot@usbank.com | 612.206.2553
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