U.S. Bank has signed a definitive agreement to acquire PFM Asset Management for an undisclosed sum.

As agreed, PFM Asset Management will operate as a separate entity under U.S. Bancorp Asset Management.

However, the transaction does not include PFM’s financial advisory business, which will continue to operate independently.

With a team of around 600 people, PFM offers financial advice, asset management and consultation services. The company had around $123bn in assets under management and $41.2bn in assets under administration, as of 31 March 2021.

PFM Asset Management head Marty Margolis said: “This sale combines the resources of two organisations who recognise 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.”

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The deal is expected to close in the fourth quarter of this year, subject to regulatory approval and satisfaction of customary closing conditions.

U.S. Bancorp Asset Management head Eric Thole said: “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.

“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.”

A registered investment adviser, U.S. Bancorp Asset Management is part of U.S. Bank’s Wealth Management and Investment Services division. It has more than $160bn in assets under management, as of 31 March 2021.