On July 8, 2021, U.S. Bancorp d/b/a U.S. Bank announced its agreement to acquire PFM Asset Management LLC.
Under the terms of the transaction, U.S. Bancorp d/b/a U.S. Bank, via its subsidiary U.S. Bancorp Asset Management Inc. (“U.S. Bank AM”) has entered into a definitive agreement to acquire PFM Asset Management LLC (“PFM”). PFM will continue to operate as a separate entity. The transaction is expected to close in the fourth quarter of 2021, subject to regulatory approval and satisfaction of customary closing conditions. Further terms of the deal were not disclosed.
U.S. Bank AM, based in Minneapolis, Minnesota, is a registered investment adviser focusing on managing investment grade fixed income strategies for institutional clients. As of March 31, 2021, U.S. Bank AM had approximately $160 billion in assets under management.
PFM, based in Philadelphia, Pennsylvania, is the marketing name for several affiliated companies providing a range of services. As of March 31, 2021, PFM had approximately $123 billion in assets under management. Piper Sandler & Co. served as financial advisor to PFM on the transaction.
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