U.S. Bank to acquire PFM Asset Management
The addition of the $161 billion manager will bring the bank's assets under management to $325 billion.
U.S. Bank has agreed to purchase PFM Asset Management, which manages $161 billion in assets. Philadelphia-based PFM will continue to operate as a separate entity under U.S. Bancorp Asset Management, which manages $164 billion currently.
PFM’s financial advisory business is not part of the acquisition and will continue to operate independently, U.S. Bank said in a release.
The deal is expected to close in the fourth quarter.
[More: U.S. Bank taps veteran wirehouse exec to head advisory unit]
Leveraging online trading to bolster financial literacy
Learn more about reprints and licensing for this article.