U.S. Bank entered into a definitive agreement to acquire PFM Asset Management under U.S. Bank's U.S. Bancorp Asset Management subsidiary, the companies said Monday.
Once completed, PFM Asset Management will continue to operate as a separate entity, they said in a joint announcement. The deal was signed on July 7 and is expected to close in the fourth quarter, subject to regulatory approval and satisfaction of customary closing conditions, according to the companies.
"U.S. Bank and PFM began conversations in early 2021," a U.S. Bank spokesperson told ThinkAdvisor. Financial terms were not disclosed.
PFM's financial advisory business is not part of the acquisition and will continue to operate independently, the companies said. For the year ended Dec. 31, PFM advised on 995 overall transactions totaling more than $69.7 billion in par amount, they said, citing Ipreo data.
PFM Asset Management and U.S. Bancorp Asset Management had combined assets under management and assets under administration of more than $325 billion as of March 31, the firms said.
U.S. Bancorp had almost 70,000 employees and $553 billion in assets as of March 31, while PFM had over 600 employees, including asset managers (with $123 billion in AUM and $41.2 billion in AUA as of March 31), financial advisors and consultants, they said.
