{"url":"https://nivawealth.com/firms/u-s-bancorp-asset-management-111912","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/111912","regulatoryAum":427478051485,"crd":"111912","secFileNumber":"801-60125","legalName":"U.S. Bancorp Asset Management, Inc.","displayName":"U.S. Bancorp Asset Management","website":"https://www.usbancorpassetmanagement.com","linkedinUrl":"https://www.linkedin.com/company/us-bancorp-asset-management","founded":null,"organization":"Delaware corporation","fiscalYearEnd":"December","headquarters":{"street":"800 Nicollet Mall, Mail Stop BC-MN-17ul","city":"Minneapolis","state":"MN","stateName":"Minnesota","country":"United States","postalCode":"55402"},"tradeNames":["PFM Asset Management, A Division of U.S. Bancorp Asset Management, Inc."],"registration":{"secApproved":"13 April 2001","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":322,"advisory":62,"brokerDealerReps":111,"insuranceAgents":0,"promoters":7},"aum":{"discretionary":426580240381,"discretionaryAccounts":1884,"nonDiscretionary":897811104,"nonDiscretionaryAccounts":456,"wrapProgram":null,"nonUsClientsPct":1,"nonAumClients":0},"clientTypes":[{"label":"Banking or thrift institutions","clients":null,"regulatoryAum":7174976381},{"label":"Investment companies","clients":9,"regulatoryAum":192713425528},{"label":"Pooled investment vehicles","clients":20,"regulatoryAum":86172665711},{"label":"Pension and profit-sharing plans","clients":22,"regulatoryAum":2227442473},{"label":"Charitable organizations","clients":56,"regulatoryAum":1535511116},{"label":"State or municipal government entities","clients":664,"regulatoryAum":102202267520},{"label":"Insurance companies","clients":4,"regulatoryAum":528686828},{"label":"Corporations and other businesses","clients":43,"regulatoryAum":26538054560},{"label":"Other","clients":63,"regulatoryAum":8385021368}],"fees":[],"feeNotes":[],"custodians":[{"name":"U.S. Bank National Association","shortName":"U.S. Bank National Association","location":"Milwaukee, WI","smaAssets":81077096779},{"name":"The Bank of New York Mellon","shortName":"The Bank of New York Mellon","location":"New York, NY","smaAssets":19050129130},{"name":"Principal Custody Solutions","shortName":"Principal Custody Solutions","location":"Des Moines, IA","smaAssets":14456596999}],"custodyNote":"U.S. Bancorp Asset Management has custody of client assets.","otherCustodians":[],"leadership":[{"name":"Eric Thole","title":"Director, Chief Executive Officer & President","crd":"2871223"},{"name":"Greg Kirchhoff","title":"Interim Chief Compliance Officer","crd":"8334271"},{"name":"Richard Ertel","title":"Director, Chief Counsel and Secretary","crd":"2656477"},{"name":"Lisa Isaacson","title":"Chief Administrative Officer","crd":"5848976"},{"name":"James Palmer","title":"Director, Chief Investment Officer","crd":"1735987"},{"name":"Jill Stevenson","title":"Head of Operations","crd":"1401275"}],"ownership":[{"label":"U.S. Bank National Association","detail":"Shareholder in the 75% or more ownership band and a control person, since March 2001."},{"label":"U.S. Bancorp","detail":"Indirect owner: a shareholder of U.S. Bank National Association in the 75% or more band and a control person, since July 1958.","parent":"U.S. Bank National Association"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":50,"privateResidences":2},"listedOfficeAddresses":24,"officesByState":[{"state":"Arizona","offices":1,"addresses":[{"street":"1101 W Washington ST","city":"Tempe"}]},{"state":"California","offices":5,"addresses":[{"street":"621 Capitol Mall","city":"Sacramento"},{"street":"1 California Street","city":"San Francisco"},{"street":"18300 Von Karman Ave","city":"Irvine"},{"street":"633 W 5th ST","city":"Los Angeles"},{"street":"200 Pringle Ave.","city":"Walnut Creek"}]},{"state":"Colorado","offices":1,"addresses":[{"street":"950 17th ST.","city":"Denver"}]},{"state":"Florida","offices":2,"addresses":[{"street":"225 E. Robinson Street","city":"Orlando"},{"street":"500 W Cypress Creek RD","city":"Fort Lauderdale"}]},{"state":"Georgia","offices":1,"addresses":[{"street":"2 Concourse Pkwy Ne","city":"Atlanta"}]},{"state":"Illinois","offices":1,"addresses":[{"street":"190 S La Salle ST","city":"Chicago"}]},{"state":"Iowa","offices":1,"addresses":[{"street":"270 W 7th ST","city":"Dubuque"}]},{"state":"Minnesota","offices":1,"addresses":[{"street":"800 Nicollet Mall, Mail Stop BC-MN-17ul","city":"Minneapolis","headquarters":true}]},{"state":"Nebraska","offices":1,"addresses":[{"street":"1700 Farnam ST","city":"Omaha"}]},{"state":"New York","offices":1,"addresses":[{"street":"100 Wall Street, 16th Floor","city":"New York"}]},{"state":"North Carolina","offices":1,"addresses":[{"street":"214 N Tryon ST, 27th Floor","city":"Charlotte"}]},{"state":"Ohio","offices":1,"addresses":[{"street":"425 Walnut ST","city":"Cincinnati"}]},{"state":"Oregon","offices":1,"addresses":[{"street":"17650 Ne Sandy BLVD","city":"Gresham"}]},{"state":"Pennsylvania","offices":2,"addresses":[{"street":"213 Market ST.","city":"Harrisburg"},{"street":"1735 Market ST","city":"Philadelphia"}]},{"state":"Texas","offices":1,"addresses":[{"street":"180 State Street, Ste 225","city":"Southlake"}]},{"state":"Virginia","offices":1,"addresses":[{"street":"1650 Tysons BLVD","city":"McLean"}]},{"state":"Wisconsin","offices":1,"addresses":[{"street":"1555 N. Rivercenter DR.","city":"Milwaukee"}]},{"state":"Wyoming","offices":1,"addresses":[{"street":"1720 Carey Avenue","city":"Cheyenne"}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"717-232-2723","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees","Other"],"activities":["Portfolio management for individuals and/or small businesses","Portfolio management for investment companies","Portfolio management for pooled investment vehicles (other than investment companies)","Portfolio management for businesses (other than small businesses) or institutional clients"],"financialPlanningClients":null,"assetMix":[{"label":"Non-exchange-traded equity securities","percent":1},{"label":"U.S. government/agency bonds","percent":14},{"label":"Sovereign bonds","percent":39},{"label":"Investment grade corporate bonds","percent":16},{"label":"Securities issued by registered investment companies or business development companies","percent":18},{"label":"Securities issued by pooled investment vehicles (other than registered investment companies)","percent":3},{"label":"Cash and cash equivalents","percent":8},{"label":"Other","percent":4,"detail":"Asset-Backed Securities, Annuity, Loans Other Than Mortgages, Non-Term Life Insurance Policies, Residual of Bankruptcy Claim"}],"privateFunds":1},"sources":{"adv1FilingDate":"28 August 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/111912/PDF/111912.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does U.S. Bancorp Asset Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does U.S. Bancorp Asset Management offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does U.S. Bancorp Asset Management use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does U.S. Bancorp Asset Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does U.S. Bancorp Asset Management invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns U.S. Bancorp Asset Management?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does U.S. Bancorp Asset Management get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}}],"holdings":null,"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva Wealth is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}