Firm Description
Established in March 2001, U.S. Bancorp Asset Management, Inc. (formerly known as FAF Advisors, Inc.;
hereinafter, “USBAM,” “we,” “our,” or “us”) is a direct wholly-owned subsidiary of U.S. Bank National
Association (“U.S. Bank”). In May 2001, First American Asset Management, a division of U.S. Bank,
together with Firstar Investment Research & Management Co., LLC, a wholly-owned subsidiary of U.S.
Bancorp, consolidated much of their advisory activities into USBAM pursuant to an internal corporate
reorganization. USBAM and U.S. Bank, among other entities, are direct or indirect wholly-owned
subsidiaries of U.S. Bancorp, a diversified financial holding company.
On December 7, 2021, USBAM acquired PFM Asset Management LLC (“PFMAM”) as a wholly-
owned subsidiary. PFMAM continues to operate as a separate SEC-registered investment adviser.
Types of Advisory Services
We currently provide investment advisory or management services to the following primary types of
clients (collectively, "Client Accounts"):
• institutional clients, which may include corporations, public entities, foundations, endowments and
other entities, with primarily an investment-grade fixed income or custom cash mandate
(“Separately Managed Accounts”);
• money market mutual funds, which currently include the series of First American Funds Trust.
(each series a “First American Fund” or “Fund” and collectively, the
“First American Funds” or
“Funds”); and
• a privately offered investment fund (the “Private Fund”), which is offered to participants in the securities
lending program as a vehicle for the investment of cash received as collateral for securities loans under the
program.
We specialize in managing assets for Client Accounts (including the First American Funds and the Private
Fund) with an investment-grade fixed income or custom cash mandate and focus on taxable and tax-
exempt high-quality securities with investment objectives of safety, liquidity, diversification and yield.
We typically provide our investment advisory services on a discretionary basis.
Tailored Relationships
We can, and generally do, tailor our advisory services to the individual asset management needs
of our clients. In consultation with the individual client, we will tailor the strategy to the
investment objectives of the client both at the establishment of and throughout the advisory
relationship. Clients may impose restrictions on investing in certain types of securities, issuers,
sectors or industries at any time by notifying us or by adopting such restrictions as a primary
investment strategy (e.g., environmental, social and governance—or “ESG”— client strategy).
Assets under Management
As of December 31, 2023, we managed $176,091,949,959 in client assets on a discretionary basis
and no assets on a non-discretionary basis.