US Bank acquires PFM's asset management business

Friday 9 July 2021 09:46 CET | News

US Bank has entered into a definitive agreement to purchase PFM Asset Management under its subsidiary, US Bancorp Asset Management. 

PFM Asset Management will continue to operate as a separate entity. PFM Asset Management and US Bancorp Asset Management had combined assets under management and assets under administration of more than USD 325 billion in March 2021.

PFM’s financial advisory business is not part of this acquisition and will continue to operate independently. For 2020, PFM advised on 995 overall transactions totalling more than USD 69.7 billion in par amount, according to Ipreo.

US Bancorp Asset Management is part of US Bank’s Wealth Management and Investment Services division, which has more than USD 8.6 trillion in assets under custody and administration and USD 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.

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Keywords: acquisition, investment, wealth management
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United States
This article is part of category

Banking & Fintech