U.S. Bancorp Asset Management

What U.S. Bancorp Asset Management does

U.S. Bancorp Asset Management, Inc. is a Minneapolis-based, SEC-registered investment adviser operating as a direct subsidiary of U.S. Bank National Association and an indirect subsidiary of U.S. Bancorp (NYSE: USB). The firm serves exclusively institutional clients — corporations, healthcare organizations, state and local governments, Taft Hartley plans, endowments, foundations, insurance companies, and nonprofits — through four primary product lines: Fixed Income Solutions (separately managed accounts across cash, enhanced cash, core, tax-exempt, and ultra-short duration composites), Liquidity Solutions (money market funds and local government investment pools), Outsourced Chief Investment Officer services (multi-asset strategies and Multi-Manager Series Trust Funds), and Specialized Solutions (securities lending administration for U.S. Bank since 1990).

The firm's investment process is built on fundamental credit research led by senior analysts averaging 28+ years of industry experience, with sector-specialized coverage spanning taxable credit (financials, industrials, energy, utilities, technology, healthcare, consumer) and municipal credit. Portfolio management, credit research, fixed income trading, and client service are coordinated through dedicated teams per client, supported by compliance, operations, and reporting infrastructure. The technology stack is oriented around investment operations, fund treasury, securities lending collateral management (daily mark-to-market, borrower screening), and integrated client reporting rather than AI/ML-driven analytics.

The revenue model is fee-based on assets under management, distributed through direct institutional sales (organized by region and specialty including OCIO, Consultant Relations, and Corporate Sector), the eVestment institutional database for consultant-led RFPs, and U.S. Bancorp Investments, Inc. for First American Funds distribution. As a privately held subsidiary of a public bank holding company, USBAM's financials are not separately reported. The firm operates with a lean 11-50 employee base, runs 30+ high-level composites, and has extended its brand reach through the First American Funds (mutual fund) and PFM Asset Management (public-sector advisory) sub-brands.

Name

U.S. Bancorp Asset Management

Legal name

U.S. Bancorp Asset Management, Inc.

Website

https://usbancorpassetmanagement.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Short description

U.S. Bancorp Asset Management is a Minneapolis-based, SEC-registered investment adviser and subsidiary of U.S. Bank that provides institutional fixed income, liquidity, OCIO, and securities lending solutions to corporations, healthcare, government, Taft Hartley, and endowment clients.

Ownership category

akta.pro rank

Product category

Institutional Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Financial Vehicles (525990)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

akta.pro secondary industries

Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ), Taft-Hartley / Labor Union & Public Sector Retirement Systems (FSAAAGAK), Advisory Portfolio Management (Non-Discretionary) (FSAAABAD), Insurance General Accounts (Institutional Asset Owners) (FSAAAGAG)

Keywords

• Institutional asset management
• Fixed income management
• Money market funds
• Outsourced cio services
• Securities lending

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Investment Advisory and Management Fees: The firm operates as a registered investment adviser providing investment management services to institutional clients through separately managed accounts, money market funds, and OCIO mandates. Revenue is generated through management fees based on assets under management.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

U.S. Bancorp Asset Management is a registered investment adviser that provides institutional investment management services through fixed income separately managed accounts, money market funds, local government investment pools (LGIPs), outsourced CIO (OCIO) multi-asset strategies, multi-manager trust funds, and securities lending programs. The firm invests client assets across taxable, tax-exempt, and multi-asset strategies on a separately managed or pooled basis for corporations, healthcare organizations, Taft Hartley plans, endowments, foundations, insurance companies, and state and local government entities.

Product overview

U.S. Bancorp Asset Management is a registered investment adviser and direct subsidiary of U.S. Bank National Association offering a comprehensive suite of institutional investment management solutions. The firm operates as a platform of specialized investment products including Fixed Income Solutions (separately managed accounts), Liquidity Solutions (Money Market Funds and Local Government Investment Pools), and Outsourced Chief Investment Officer (OCIO) services through Multi-Asset Strategies and Multi-Manager Series Trust Funds. Additional offerings include Securities Lending programs and specialized fixed income composites spanning from ultra-short 0-3 month strategies to broader Core Fixed Income portfolios. The firm serves institutional clients including corporations, healthcare organizations, Taft Hartley plans, endowments, foundations, and government entities. Research and market insights are delivered through the Quick Insights Blog and Portfolio Manager Commentary channels.

Differentiator

Problem solved

Functional benefit

Brands

• First American Funds: Multi-Manager Series Trust Funds offering domestic equity, international equity, and fixed-income investment strategies.

Products and services

• Fixed Income Separately Managed Accounts Institutional fixed income separately managed accounts focused on cash and enhanced cash strategies for corporations, governments, healthcare organizations, and other institutional investors seeking customized investment-grade fixed income exposure.
• Money Market Funds Liquidity solutions offering money market fund investments for institutional investors seeking stable, liquid short-term investment vehicles for cash reserves.
• Local Government Investment Pools (LGIPs) Pooled investment vehicles designed for local government entities, school districts, and public agencies to invest excess funds with professional management oversight.
• Multi-Asset Strategies (OCIO) Outsourced Chief Investment Officer services providing comprehensive multi-asset class investment management and portfolio oversight for institutional clients seeking strategic asset allocation and fiduciary oversight.
• Multi-Manager Series Trust Funds OCIO solutions structured as Multi-Manager Series Trust Funds that utilize multiple external sub-advisers to manage diversified equity, fixed income, and multi-asset portfolios under the First American Funds brand.
• Securities Lending Program Customized securities lending program administration including rigorous screening, selection and ongoing review of borrowers, daily marking-to-market, and active monitoring of cash collateral levels.
• 0-3 Month Credit Plus Composite Ultra-short duration investment grade fixed income strategy targeting optimal credit exposure within a 0-3 month maturity framework for institutional clients.
• Tax Exempt Fixed Income Composite Municipal bond investment strategy focusing on tax-exempt securities for clients seeking after-tax yield optimization.
• Core Fixed Income Composite Diversified investment grade fixed income portfolio targeting broad market exposure across government, credit, and securitized sectors for institutional clients.

Quantifiable outcome

• Credit fundamentals remained stable with no signs of meaningful deterioration in Q1 2026
• +2 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• PFM Asset Management LLCcoreStrategic or Co-development PartnerPFM Asset Management LLC is an investment adviser registered with the SEC and a subsidiary of U.S. Bancorp Asset Management, Inc. PFMAM serves as administrator and investment adviser to the First American Multi-Manager Series Trust Funds. John Molloy manages LGIPs for PFM Asset Management.
• First American FundscoreChannel Partner/ Reseller/ DistributorU.S. Bancorp Asset Management operates the First American Funds brand, which includes Multi-Manager Series Trust Funds. The First American Funds website offers Multi-Asset Strategies through the Multi-Manager Series Trust Funds structure.
• U.S. Bancorp Investments, Inc.coreChannel Partner/ Reseller/ DistributorU.S. Bancorp Investments, Inc., member FINRA and SIPC, serves as the distributor of the First American Multi-Manager Series Trust Funds. It is a subsidiary of U.S. Bancorp and affiliate of U.S. Bank N.A.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Federated Hermes: Federated Hermes is one of the largest U.S. institutional money market fund managers and a leading active fixed income manager. Like USBAM, it serves corporations, governments, and institutional clients with MMFs, liquidity, and fixed income SMAs, making it the closest direct peer in product mix and client base.
• Western Asset Management: Western Asset is a specialist institutional fixed income manager focused on investment-grade, core, and long-duration credit strategies. It competes directly with USBAM's taxable and tax-exempt fixed income composites for institutional consultant-driven mandates.
• Nuveen (TIAA): Nuveen operates a large institutional fixed income, municipal, and multi-asset OCIO franchise, including LGIP-style pooled vehicles. Its institutional client base and product breadth closely mirror USBAM's mix of government, healthcare, and endowment mandates.
• Wilmington Trust (M&T Bank): Wilmington Trust is a bank-affiliated investment management firm offering institutional OCIO, fixed income, and wealth advisory services. Like USBAM, it leverages a bank parent's distribution and compliance infrastructure to serve institutional clients.

Broad incumbents

• Goldman Sachs Asset Management: GSAM is a global, full-service institutional asset manager with significant fixed income, liquidity, and OCIO capabilities. It competes with USBAM for large institutional cash, fixed income, and OCIO mandates from corporate, healthcare, and government clients.
• Invesco: Invesco is a global asset manager with institutional fixed income, money market, and multi-asset strategies. It is a broad incumbent competitor in the institutional consultant channel where USBAM also competes for mandates.
• State Street Global Advisors: SSGA is one of the largest institutional asset managers, with significant fixed income, cash, and OCIO offerings for corporate, government, and healthcare plans. It competes broadly with USBAM on institutional cash and fixed income mandates.
• BlackRock: BlackRock is the world's largest asset manager and a dominant provider of institutional fixed income, cash, and OCIO solutions. It is a primary incumbent competitor in the consultant-driven institutional channel where USBAM operates.
• Vanguard Institutional: Vanguard Institutional is the largest U.S. provider of low-cost institutional money market and fixed income funds, applying persistent fee pressure on mid-sized active managers like USBAM.
• BNY Mellon Investment Management: BNY Mellon Investment Management is a bank-affiliated global asset manager with institutional fixed income, cash, and OCIO capabilities. Like USBAM, it leverages a major custodian/bank parent's distribution and infrastructure to serve institutional clients.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/us-bancorp-asset-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about U.S. Bancorp Asset Management