U.S. Bank completes acquisition of PFM Asset Management

December 07, 2021

As part of the acquisition, more than 250 PFM Asset Management employees have joined U.S. Bank.

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 separately registered investment advisor.

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.”

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.


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