U.S. Bancorp Asset Management, a subsidiary of US Bank, has finalised its previously announced acquisition of PFM Asset Management (PFMAM).

The deal, whose financial terms were not disclosed, was first announced in July this year.

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PFMAM specialises in financial advice, asset management and consultation services.

Following the transaction, over 250 employees of PFMAM joined US Bank. As agreed, the firm will continue to operate as an independent registered investment advisor (RIA) under U.S. Bancorp Asset Management.

U.S. Bancorp Asset Management is part of wealth management and investment services division of the US Bank.

The addition of PFMAM brings the division’s combined investment assets under management to more than $407bn.

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

Thole noted that the deal expands the bank’s national presence in the institutional asset management space.

PFMAM chief administrative officer John Molloy added: “PFMAM and its clients will benefit from U.S. Bank’s financial strength, franchise value, world-class technology and cybersecurity.

“We are also excited to join an organisation that shares a similar culture – an unwavering commitment to clients, and a reputation for operating with the highest ethics and valuing its clients, employees, communities and diversity, equity and inclusion principles.”