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U.S. Bank Acquires PFM’s Asset Management Business

U.S. Bank Acquires PFM’s Asset Management Business

U.S. Bank announced today that it has entered into a definitive agreement to purchase PFM Asset Management LLC under its subsidiary, U.S. Bancorp Asset Management. PFM Asset Management will continue to operate as a separate entity. PFM Asset Management and U.S. Bancorp Asset Management had combined assets under management and assets under administration of more than $325 billion on March 31, 2021.

“PFM Asset Management brings a wide array of client relationships and 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,” said Eric Thole, head of U.S. Bancorp Asset Management. “These services complement U.S. Bank’s current book of business, and we’re thrilled to have the opportunity to increase our presence nationally and solidify U.S. Bank’s position as a leading provider of investment solutions.”

Thole added, “PFM Asset Management has a great reputation in the public space, and that’s a testament to its talent. U.S. Bank is known for working with clients one-on-one to understand their unique needs and delivering customized, proactive solutions to help them meet their objectives. We’re excited to put the variety of resources offered by U.S. Bank to work for our new colleagues and clients.”

Marty Margolis, head of PFM Asset Management, said, “This sale combines the resources of two organizations who recognize the importance of providing clients with exemplary customer service; our commitment to clients will remain a priority throughout the transition. We’re also very pleased that U.S. 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 in terms of transactions and par amount. For the year ended Dec. 31, 2020, PFM advised on 995 overall transactions totaling more than $69.7 billion in par amount, according to Ipreo.

“PFM will continue to provide outstanding financial advisory and consulting services to state and local governments and the non-profit sector,” said Dan Hartman, who currently leads PFM’s financial advisory practice and will lead PFM as its president and CEO after closing.

U.S. Bancorp Asset Management is part of U.S. Bank’s Wealth Management and Investment Services division, which has more than $8.6 trillion in assets under custody and administration and $244 billion in assets under management, globally. In addition to offering asset management products and services, it also offers global corporate trust and custody services, alternative investment, fund custody and administration services, and wealth management services.

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

Piper Sandler & Co. served as strategic and financial advisor, and Dechert LLP served as legal counsel to PFM. McCarter & English served as legal counsel to PFM’s financial advisory business. Jones Day served as legal counsel to U.S. Bank.

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 $160 billion in assets under management as of March 31, 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

About U.S. Bank

U.S. Bancorp, with nearly 70,000 employees and $553 billion in assets as of March 31, 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

About PFM

At PFM, over 600 employees – asset managers (with $123 billion in assets under management and $41.2 billion in assets under administration as of March 31, 2021), financial advisors and consultants – partner with clients in every region of the country to transform their world. PFM combines superior financial advice, disciplined management and ingenuity to build, power, move and educate. PFM is the marketing name for a group of affiliated companies providing a range of services. All services are provided through separate agreements with each company. For more information regarding PFM’s services or entities, please visit

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.


Kimberly Mikrot, U.S. Bank Public Affairs & Communications | 612.206.2553

Michael Harris, PFM Asset Management LLC | 717.231.6240

David Eichenthal, PFM | 423.637.8085

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