Clients
U.S. Bancorp Asset Management serves 881 clients, 664 of them state or municipal government entities. The average client has about $485 million with the firm.
- Investment companies9 clients45%
- Pooled investment vehicles20 clients20%
- State or municipal government entities664 clients24%
- Corporations and other businesses43 clients6%
- OtherBanking or thrift institutions, Pension and profit-sharing plans, Charitable organizations, Insurance companies, Other5%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Banking or thrift institutions | Not reported | $7,174,976,381 | 1.7% | — |
| Investment companies | 9 | $192,713,425,528 | 45.1% | $21.41B |
| Pooled investment vehicles | 20 | $86,172,665,711 | 20.2% | $4.31B |
| Pension and profit-sharing plans | 22 | $2,227,442,473 | 0.5% | $101.2M |
| Charitable organizations | 56 | $1,535,511,116 | 0.4% | $27.4M |
| State or municipal government entities | 664 | $102,202,267,520 | 23.9% | $153.9M |
| Insurance companies | 4 | $528,686,828 | 0.1% | $132.2M |
| Corporations and other businesses | 43 | $26,538,054,560 | 6.2% | $617.2M |
| Other | 63 | $8,385,021,368 | 2.0% | $133.1M |
| Total | 881 | $427,478,051,485 | 100% | $485.2M |
- Clients
- Not reported
- Regulatory AUM
- $7,174,976,381
- Share
- 1.7%
- Avg. per client
- —
- Clients
- 9
- Regulatory AUM
- $192,713,425,528
- Share
- 45.1%
- Avg. per client
- $21.41B
- Clients
- 20
- Regulatory AUM
- $86,172,665,711
- Share
- 20.2%
- Avg. per client
- $4.31B
- Clients
- 22
- Regulatory AUM
- $2,227,442,473
- Share
- 0.5%
- Avg. per client
- $101.2M
- Clients
- 56
- Regulatory AUM
- $1,535,511,116
- Share
- 0.4%
- Avg. per client
- $27.4M
- Clients
- 664
- Regulatory AUM
- $102,202,267,520
- Share
- 23.9%
- Avg. per client
- $153.9M
- Clients
- 4
- Regulatory AUM
- $528,686,828
- Share
- 0.1%
- Avg. per client
- $132.2M
- Clients
- 43
- Regulatory AUM
- $26,538,054,560
- Share
- 6.2%
- Avg. per client
- $617.2M
- Clients
- 63
- Regulatory AUM
- $8,385,021,368
- Share
- 2.0%
- Avg. per client
- $133.1M
Total
- Clients
- 881
- Regulatory AUM
- $427,478,051,485
- Share
- 100%
- Avg. per client
- $485.2M
What it does
U.S. Bancorp Asset Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets, performance-based fees and other arrangements.
U.S. Bancorp Asset Management advises 1 private funds.
99.8% of assets ($426.58B across 1,884 accounts) are managed with discretion; $897.8M across 456 accounts are not. 1% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
The filed percentages total 103%. The values below are shown as filed.
- Non-exchange-traded equity securities
- 1%
- U.S. government/agency bonds
- 14%
- Sovereign bonds
- 39%
- Investment grade corporate bonds
- 16%
- Securities issued by registered investment companies or business development companies
- 18%
- Securities issued by pooled investment vehicles (other than registered investment companies)
- 3%
- Cash and cash equivalents
- 8%
- Other (Asset-Backed Securities, Annuity, Loans Other Than Mortgages, Non-Term Life Insurance Policies, Residual of Bankruptcy Claim)
- 4%
Custodians
U.S. Bancorp Asset Management’s client accounts are held mainly at U.S. Bank National Association, with 19% of managed assets, and The Bank of New York Mellon, with 4%. U.S. Bancorp Asset Management has custody of client assets.
- U.S. Bank National AssociationU.S. Bank National Association · Milwaukee, WI · $81.08B19%
- The Bank of New York MellonThe Bank of New York Mellon · New York, NY · $19.05B4%
- Principal Custody SolutionsPrincipal Custody Solutions · Des Moines, IA · $14.46B3%
- All other custodians$312.89B73%
Ownership and leadership
U.S. Bank National Association owns 75% or more of U.S. Bancorp Asset Management, and Eric Thole is its CEO.
- Owns 75% or more of U.S. Bancorp Asset Management, Inc.
U.S. Bank National Association
Control person · since March 2001
- Owns 75% or more of U.S. Bank National Association
U.S. Bancorp
Control person · since July 1958
Leadership
- Eric TholeDirector, Chief Executive Officer & President
- Greg KirchhoffInterim Chief Compliance Officer
- Richard ErtelDirector, Chief Counsel and Secretary
- Lisa IsaacsonChief Administrative Officer
- James PalmerDirector, Chief Investment Officer
- Jill StevensonHead of Operations
Staff
- 322 employees
- 62 in advisory functions
- 111 broker-dealer reps
- 7 soliciting firms
Fees
U.S. Bancorp Asset Management is paid through a percentage of assets under management, performance-based fees and other.
U.S. Bancorp Asset Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, U.S. Bancorp Asset Management has 50 offices (2 private residences, listed without an address), with 24 listed addresses across 18 states.
California · 5 listed addresses
- 621 Capitol Mall, Sacramento
- 1 California Street, San Francisco
- 18300 Von Karman Ave, Irvine
- 633 W 5th ST, Los Angeles
- 200 Pringle Ave., Walnut Creek
Florida · 2 listed addresses
- 225 E. Robinson Street, Orlando
- 500 W Cypress Creek RD, Fort Lauderdale
Pennsylvania · 2 listed addresses
- 213 Market ST., Harrisburg
- 1735 Market ST, Philadelphia
Arizona · 1 listed address
- 1101 W Washington ST, Tempe
Colorado · 1 listed address
- 950 17th ST., Denver
Georgia · 1 listed address
- 2 Concourse Pkwy Ne, Atlanta
Illinois · 1 listed address
- 190 S La Salle ST, Chicago
Iowa · 1 listed address
- 270 W 7th ST, Dubuque
Minnesota · 1 listed address
- 800 Nicollet Mall, Mail Stop BC-MN-17ul, MinneapolisHQ
Nebraska · 1 listed address
- 1700 Farnam ST, Omaha
New York · 1 listed address
- 100 Wall Street, 16th Floor, New York
North Carolina · 1 listed address
- 214 N Tryon ST, 27th Floor, Charlotte
Ohio · 1 listed address
- 425 Walnut ST, Cincinnati
Oregon · 1 listed address
- 17650 Ne Sandy BLVD, Gresham
Texas · 1 listed address
- 180 State Street, Ste 225, Southlake
Virginia · 1 listed address
- 1650 Tysons BLVD, McLean
Wisconsin · 1 listed address
- 1555 N. Rivercenter DR., Milwaukee
Wyoming · 1 listed address
- 1720 Carey Avenue, Cheyenne
Other business names
U.S. Bancorp Asset Management has reported 1 other business name to the SEC.
- PFM Asset Management, A Division of U.S. Bancorp Asset Management, Inc.
Registration details
- Legal name
- U.S. Bancorp Asset Management, Inc.
- Headquarters
- 800 Nicollet Mall, Mail Stop BC-MN-17ul, Minneapolis, MN 55402
- Phone
- 717-232-2723
- SEC file
- 801-60125
- Structure
- Delaware corporation
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does U.S. Bancorp Asset Management have?
U.S. Bancorp Asset Management has 881 clients and manages $427.5 billion for them, as of August 2026. They include 664 state or municipal government entities, 63 other clients and 56 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 28 August 2026
What services does U.S. Bancorp Asset Management offer?
U.S. Bancorp Asset Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does U.S. Bancorp Asset Management use?
U.S. Bancorp Asset Management’s separately managed account assets are held at U.S. Bank National Association (Milwaukee, WI), with $81,077,096,779, The Bank of New York Mellon (New York, NY), with $19,050,129,130 and Principal Custody Solutions (Des Moines, IA), with $14,456,596,999. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 28 August 2026
How many financial advisors does U.S. Bancorp Asset Management have?
U.S. Bancorp Asset Management has 0 investment adviser representatives registered with state securities authorities, out of 322 employees, and 62 perform investment advisory functions. 111 are registered representatives of a broker-dealer and 0 are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does U.S. Bancorp Asset Management invest in?
At the end of its last fiscal year, U.S. Bancorp Asset Management’s separately managed accounts held 39% sovereign bonds, 18% registered funds (mutual funds, ETFs, BDCs), 16% investment grade corporate bonds, 14% U.S. government and agency bonds, 8% cash and equivalents, 4% asset-backed securities, annuity, loans other than mortgages, non-term life insurance policies, residual of bankruptcy claim, 3% pooled vehicles (private funds and similar) and 1% non-exchange-traded equities. It advises 1 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns U.S. Bancorp Asset Management?
U.S. Bancorp Asset Management is owned through a holding company by U.S. Bancorp. Its direct owner is U.S. Bank National Association (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 28 August 2026
How does U.S. Bancorp Asset Management get paid?
U.S. Bancorp Asset Management is paid through a percentage of assets under management, performance-based fees and other arrangements. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
