U.S. Bank has agreed to purchase PFM Asset Management, which manages $161 billion in assets. Philadelphia-based PFM will continue to operate as a separate entity under U.S. Bancorp Asset Management, which manages $164 billion currently.
PFM’s financial advisory business is not part of the acquisition and will continue to operate independently, U.S. Bank said in a release.
The deal is expected to close in the fourth quarter.
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