PFM Asset Management

What PFM Asset Management does

PFM Asset Management LLC is a Philadelphia-headquartered institutional investment management firm exclusively serving U.S. public sector entities, operating as a division of U.S. Bancorp Asset Management, Inc. (a direct subsidiary of U.S. Bank National Association and an indirect subsidiary of U.S. Bancorp, NYSE: USB). Founded in 1981, the firm pioneered the grassroots local government investment pool (LGIP) concept in Pennsylvania and has built a 40+ year track record serving state and local governments, K-12 and higher education institutions, pension and OPEB trusts, transportation and port authorities, public utilities, and governmental insurance/self-insurance risk pools. The firm is registered with the SEC under the Investment Advisers Act of 1940.

The firm's product platform spans liquidity through long-duration mandates. Core offerings include Local Government Investment Pools (LGIPs) operating across 18 programs nationwide, Cash & Enhanced Cash Portfolios, Short & Intermediate Term Fixed Income separately-managed accounts, Outsourced Chief Investment Officer (OCIO) solutions delivered via the proprietary Multi-Manager Series Trust, Structured Products for municipal debt reinvestment, a Payment Solutions (P-Card) program, Arbitrage Rebate Consulting under Section 148(f) of the Internal Revenue Code, and Multi-Manager Mutual Funds. Underlying technology includes the proprietary Connect online portal for transaction execution and reporting, the Multi-Manager Series Trust mutual fund structure, and an in-house credit research team applying proprietary ratings criteria to support investment-grade fixed income strategies.

PFM generates revenue through investment management fees calculated as a percentage of assets under management — a recurring subscription-style model typical of SEC-registered investment advisers — with fees negotiated client-by-client and not publicly disclosed. Distribution is entirely relationship-led through 22+ regional offices across the United States (including Harrisburg, San Francisco, Atlanta, Charlotte, Chicago, Denver, New York, Philadelphia, and others), supplemented by CPE-accredited educational webinars and a thought-leadership newsroom. The firm manages thousands of public-sector investor relationships across its 18 LGIP programs, with go-to-market emphasis on tailoring investment programs to each client's state-specific investment codes, policy requirements, and time horizons.

Name

PFM Asset Management

Legal name

PFM Asset Management LLC

Website

https://pfmam.com

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

11–50 employees

Short description

PFM Asset Management is a Philadelphia-based institutional investment manager serving U.S. public sector entities exclusively. Operating as a division of U.S. Bancorp Asset Management, it manages LGIPs, OCIO, fixed income, and structured products across 22+ U.S. offices.

Ownership category

akta.pro rank

Product category

Institutional Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Public Asset & Investment Management (BPAIAEAG)

akta.pro secondary industries

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG), Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ), Endowment / OCIO-Style Multi-Manager Platforms (FSANAGAG)

Keywords

• Public sector investing
• Investment management services
• Local government investment pools
• Fixed income portfolios
• Outsourced CIO solutions

Headquarters

HQ city

Philadelphia

HQ country

United States

HQ region

North America

Offices22 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Management Fees: PFM Asset Management generates revenue through investment management fees, likely calculated as a percentage of assets under management (AUM). As an investment adviser registered with the SEC under the Investment Advisers Act of 1940, they provide advisory services to institutional clients including public sector entities, pension funds, and nonprofits.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

PFM Asset Management provides institutional investment management solutions exclusively to U.S. public sector entities, including state and local governments, school districts, pension funds, utilities, and insurance risk pools. Offerings span Local Government Investment Pools (LGIPs), separately managed cash and fixed income portfolios, Outsourced Chief Investment Officer (OCIO) mandates, structured products for municipal debt reinvestment, and related advisory services such as arbitrage rebate consulting.

Product overview

PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc. that provides investment management solutions for public sector institutions. The company operates as a platform of interconnected investment products including Local Government Investment Pools (LGIPs) for pooled liquidity management, Cash & Enhanced Cash Portfolios for operating funds, Short & Intermediate Term Fixed Income strategies for longer-horizon investments, and Outsourced Chief Investment Officer (OCIO) solutions for multi-asset class portfolio management. Supporting these core offerings are Structured Products for municipal debt reinvestment strategies, a Payment Solutions (P-Card) Program for spend management, Arbitrage Rebate Consulting for tax compliance, and Multi-Manager Mutual Funds providing access to third-party managers. The company has served public sector clients since 1981.

Differentiator

Problem solved

Functional benefit

Products and services

• Local Government Investment Pools (LGIPs)

Named customers7 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• U.S. Bancorp Asset Management, Inc.coreOthersPFM Asset Management is a division of U.S. Bancorp Asset Management, Inc., a registered investment adviser and direct subsidiary of U.S. Bank National Association. U.S. Bancorp Asset Management is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• NEPC, LLC: Direct peer in institutional OCIO and investment advisory, serving pensions, endowments, and public entities with multi-asset mandates; comparable size and service breadth.
• PMA Financial Network / PMA Asset Optimization: Direct peer offering LGIP, fixed income, and public-sector investment advisory services to municipalities, schools, and other public entities; competes head-to-head with PFM AM in the LGIP marketplace.
• RVK, Inc. Direct peer in institutional investment consulting and OCIO; serves public pension funds, OPEB, and endowments with multi-asset portfolio solutions comparable to PFM AM's OCIO offering.
• Verus: Direct peer in institutional OCIO and investment consulting; serves public funds, foundations, and endowments with multi-asset mandates overlapping PFM AM's OCIO and fixed income offerings.
• Hilltop Securities (HYA Advisors): Direct peer providing public-sector investment advisory, arbitrage rebate, and LGIP-style products to municipalities; comparable service suite and regulatory expertise serving issuer clients.
• Meeder Investment Management: Direct peer operating Local Government Investment Pools and public-sector investment solutions with very similar product mix (LGIPs, cash management, fixed income) and a comparable distribution model targeting state and local governments.
• Meketa Investment Group: Direct peer providing investment consulting and OCIO services to institutional clients including public funds and pensions; competes for the same outsourced CIO mandates.
• CAPTRUST: Direct peer in institutional OCIO and investment advisory, with sizable public-sector, pension, and endowment mandates; competes for multi-asset outsourced CIO mandates.

Broad incumbents

• BlackRock: Broader incumbent asset manager that competes for institutional public-sector mandates via LGIP-equivalent funds (e.g., BlackRock Liquidity), institutional fixed income, and OCIO-style services at massive scale.
• Vanguard Institutional: Broader incumbent offering very low-cost fixed income, cash, and OCIO programs; regularly wins public-sector mandates on price and competes directly with PFM AM for institutional LGIP and operating-cash mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pfm-asset-management-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 PFM Asset Management