American Municipal Income Portfolio

Name

American Municipal Income Portfolio

Legal name

U.S. Bancorp Asset Management, Inc.

Website

https://firstamericanfunds.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Investment Management / Mutual Funds

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Municipal Bond Strategies (Tax-Exempt/TAXABLE Munis) (FSAAAHAL)

akta.pro secondary industries

Fixed Income Mutual Funds (FSAAAEAB), Municipal Bonds (FSACABAE)

Keywords

• Municipal bond funds
• Money market funds
• Multi-manager funds
• Fixed income investing
• Closed-end investment company

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Investment Management Fees: The firm generates revenue through investment management fees charged as a percentage of assets under management. The funds have annual operating expenses that are disclosed (e.g., Multi-Manager Fixed Income at 0.52%, Multi-Manager International Equity at 0.65%). U.S. Bancorp Asset Management serves as investment advisor and administrator.
2. Distribution Fees: Money market funds are distributed by Quasar Distributors, LLC. Multi-manager funds are distributed by U.S. Bancorp Investments, Inc. The Distributors are not affiliated with U.S. Bancorp Asset Management.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

American Municipal Income Portfolio Inc. is a diversified, closed-end management investment company. It is part of the First American Funds family, which offers money market and multi-manager mutual funds — including government, prime, tax-free and treasury money market funds, plus multi-manager domestic equity, international equity and fixed income funds — advised by U.S. Bancorp Asset Management, Inc. and distributed to institutional and retail investors in the United States.

Product overview

First American Funds is a family of money market and multi-manager mutual funds offered in multiple share classes. The product lineup includes six money market funds (Government Obligations, Institutional Prime Obligations, Retail Prime Obligations, Retail Tax Free Obligations, Treasury Obligations, and U.S. Treasury Money Market Fund) providing liquidity and cash management solutions, plus three multi-manager funds (Multi-Manager Domestic Equity, Multi-Manager International Equity, and Multi-Manager Fixed Income) for longer-term investment objectives. All funds are advised by U.S. Bancorp Asset Management, Inc. and distributed through Quasar Distributors (money market funds) and U.S. Bancorp Investments (multi-manager funds). As of March 31, 2026, the fund family had $205.5 billion in assets under management.

Differentiator

Problem solved

Functional benefit

Brands

• First American Money Market Funds: Money market mutual funds including Government Obligations, Institutional Prime Obligations, Retail Prime Obligations, Retail Tax Free Obligations, Treasury Obligations, and U.S. Treasury Money Market Fund.
• First American Multi-Manager Funds
• Multi-Manager Fixed Income Fund
• Multi-Manager International Equity Fund

Products and services

• Government Obligations Fund
• Institutional Prime Obligations Fund
• Retail Prime Obligations Fund
• Retail Tax Free Obligations Fund
• Treasury Obligations Fund
• U.S. Treasury Money Market Fund
• Multi-Manager Fixed Income Fund (FAFIX)
• Multi-Manager International Equity Fund (FAIEX)

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature2 records

Partnerships

Four partnerships are on record, tiered core.

• U.S. Bancorp Asset Management, Inc.coreTechnology or IntegrationU.S. Bancorp Asset Management serves as the investment advisor and administrator to First American Funds. It is a Minneapolis-based U.S. asset management firm with $435.8 billion in AUM as of March 31, 2026. The firm is a registered investment adviser and subsidiary of U.S. Bank National Association.
• PFM Asset Management (PFMAM)coreTechnology or IntegrationPFM Asset Management is a subsidiary of U.S. Bancorp Asset Management. On October 1, 2024, PFMAM consolidated its client relationships under USBAM. PFMAM continues to serve clients as a division of U.S. Bancorp Asset Management and contributes to the shared credit research service.
• Quasar Distributors, LLCcoreChannel Partner/ Reseller/ DistributorQuasar Distributors, LLC distributes the First American money market funds. It is a registered broker-dealer and the distributor is not affiliated with U.S. Bancorp Asset Management.
• U.S. Bancorp Investments, Inc.coreChannel Partner/ Reseller/ DistributorU.S. Bancorp Investments, Inc. distributes the First American multi-manager funds. It is a member of FINRA and SIPC, and is a subsidiary of U.S. Bancorp and affiliate of U.S. Bank N.A. The distributor is not affiliated with U.S. Bancorp Asset Management.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• BlackRock: BlackRock operates the iShares municipal bond ETF suite and manages the largest pool of fixed income AUM globally, serving as a broad incumbent competitor across municipal bond and money market categories where First American Funds operates.
• Fidelity Investments: Fidelity manages a broad mutual fund and money market fund family including municipal bond funds (e.g., Fidelity Municipal Money Market), serving both institutional and retail clients through a similar multi-channel distribution model.
• Invesco: Invesco operates a diversified fund family including municipal bond funds (Invesco Municipal Income Fund) and money market funds, with similar multi-manager and sub-advisory structures in places.
• T. Rowe Price: T. Rowe Price is a major active asset manager offering municipal bond funds (e.g., Summit Municipal Income) and money market funds, with similar institutional and intermediary distribution.
• Charles Schwab Investment Management: Schwab Funds operates money market funds (including Schwab Treasury Obligations, Value Advantage Money Funds) and municipal bond ETFs/funds, competing for the same retail intermediary and institutional cash-management wallet.
• Goldman Sachs Asset Management: Goldman Sachs Asset Management operates institutional money market funds (Goldman Sachs Investor Money Market Funds) and municipal bond strategies, directly comparable in institutional client focus and product mix.
• Vanguard: Vanguard operates a major mutual fund family including municipal bond funds and money market funds, competing on cost leadership with low expense ratios directly comparable to First American Funds' 0.52%–0.65% range.

Direct peers

• Eaton Vance: Eaton Vance (now part of Morgan Stanley Investment Management) is a major municipal bond fund manager with both open-end and closed-end municipal funds — directly comparable product structure to American Municipal Income Portfolio.
• Western Asset Management: Western Asset is a fixed income specialist managing significant municipal and taxable fixed income strategies for institutional clients, directly comparable to USBAM's fixed income/municipal credit capabilities.
• Nuveen: Nuveen is the largest U.S. municipal bond fund manager, offering closed-end municipal bond funds and separately managed accounts with institutional focus — the most direct comparable to American Municipal Income Portfolio and First American Funds' municipal strategies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/first-american-funds

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

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 American Municipal Income Portfolio