U.S. Bank, through its subsidiary U.S. Bancorp Asset Management, Inc., has acquired PFM Asset Management LLC. The purchase was originally reported July 8th, 2021.
U.S. Bancorp is a part of U.S. Bank’s wealth management and investment services division. The addition of PFM will raise the combined assets of the wealth management and investment services assets under management to over $407 billion.
“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,” said Eric Thole, head of U.S. Bancorp asset management. “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.”
“PFMAM and its clients will benefit from U.S. Bank’s financial strength, franchise value, world-class technology and cybersecurity,” added John Molloy, PFM chief administrative officer.