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.
Go deeper with GlobalData
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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe 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.
