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MINNEAPOLIS – (BUSINESS WIRE) – US Bank announced today that it has entered into a definitive agreement to purchase PFM Asset Management LLC under its subsidiary US Bancorp Asset Management. PFM Asset Management will continue to operate as an independent unit. PFM Asset Management and US Bancorp Asset Management had combined assets under management and administration of more than $ 325 billion as of March 31, 2021.

“PFM Asset Management offers a wide range of customer relationships and product offerings, including local government investment pools, outsourced chief investment officer services and separately managed accounts for both fixed income and cross-asset strategies,” said Eric Thole, head of US Bancorp Asset Management. “These services complement US Bank’s current ledger and we are excited to have the opportunity to expand our presence nationally and cement US Bank’s position as a leading provider of investment solutions.”

Thole added, “PFM Asset Management has an excellent reputation in the public space and that is a testament to its talent. US Bank is known to work individually with clients to understand their unique needs and provide bespoke, proactive solutions to help them achieve their goals. We look forward to using the variety of resources offered by US Bank for our new colleagues and customers. ”

Marty Margolis, Head of PFM Asset Management, said, “This sale combines the resources of two companies that recognize the importance of providing exemplary customer service to their customers; Our commitment to our customers will remain a priority during the transition. We are also very pleased that US Bank aligns with our fundamental belief in creating a diverse, inclusive and ethical culture. ”

PFM’s financial advisory business is not part of this acquisition and will continue to operate independently as the nation’s leading independent financial advisor on transactions and face value. For the year ended December 31, 2020, PFM advised on 995 total transactions with a total face value of more than $ 69.7 billion, according to Ipreo.

“PFM will continue to provide excellent financial advisory and advisory services to state, local governments and the nonprofit sector,” said Dan Hartman, who currently leads PFM’s financial advisory practice and will lead PFM as President and CEO upon graduation.

US Bancorp Asset Management is part of US Bank’s Wealth Management and Investment Services division, which has $ 8.6 trillion in assets under management and $ 244 billion under management worldwide. In addition to offering wealth management products and services, it also provides global corporate trustee and custody services, alternative investments, fund custody and management services, and wealth management services.

The deal was signed on July 7, 2021 and is expected to close in the fourth quarter of 2021, subject to regulatory approval and customary closing conditions. Financial terms were not disclosed.

Piper Sandler & Co. acted as strategic and financial advisor and Dechert LLP acted as legal advisor to PFM. McCarter & English served as legal advisor to PFM’s financial advisory business. Jones Day served as legal advisor to the US Bank.

About US Bancorp Asset Management

The core competency and focus of US Bancorp Asset Management is the management of fixed income investment grade strategies for institutional clients. As a registered investment advisor, US Bancorp Asset Management has provided investment grade investment solutions for fixed income securities since 1982. With more than $ 160 billion in assets under management as of March 31, 2021, US Bancorp Asset Management is a single point of contact for institutional clients such as corporations, healthcare organizations, colleges, public institutions, and nonprofits. Please visit usbancorpassetmanagement.com for more information.

Via the US bank

US Bancorp is the parent company of the US Bank National Association, with nearly 70,000 employees and assets of $ 553 billion as of March 31, 2021. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of business areas: consumer and business banking; Payment services; Corporate & commercial banking; and asset 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 world’s most ethical companies in 2021 and Fortune’s most admired national bank. Learn more at usbank.com/about.

About PFM

PFM has over 600 employees – asset managers (with $ 123 billion in assets under management and $ 41.2 billion in assets under management as of March 31, 2021), financial advisors and advisors – working with clients in every region of the country to change their world. PFM combines superior financial advice, disciplined management, and ingenuity to build, empower, move, and train. PFM is the marketing name for a group of affiliated companies that offer a range of services. All services are provided through separate agreements with each company. For more information about PFM’s services or companies, please visit pfm.com.

US Bancorp Asset Management, Inc. is a registered investment advisor and a subsidiary of the US Bank National Association. The US Bank National Association is a separate entity and wholly owned subsidiary of US Bancorp. US Bank is not responsible for the products, services, or performance of US Bancorp Asset Management, Inc.

NOT FDIC INSURED | NO BANK GUARANTEE | CAN LOSE VALUE