# U.S. Bancorp Asset Management, Inc.

> U.S. Bancorp Asset Management, Inc. is an SEC-registered investment advisory firm in Minneapolis, MN, registered since 2001, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 28, 2026.

- CRD: 111912
- Filed as: U.S. BANCORP ASSET MANAGEMENT, INC.
- Also doing business as: PFM ASSET MANAGEMENT, A DIVISION OF U.S. BANCORP ASSET MANAGEMENT, INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Minneapolis, MN
- Filing period: October 2026
- Form ADV filing dated: August 28, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/111912
- AdvisorCensus page: https://advisorcensus.com/firm/u-s-bancorp-asset-management-inc-minneapolis-mn-111912

## Quick answers

**How is U.S. Bancorp Asset Management, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), U.S. Bancorp Asset Management, Inc. reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other.

**Where is U.S. Bancorp Asset Management, Inc. located?**
U.S. Bancorp Asset Management, Inc.'s principal office is in Minneapolis, MN, according to its Form ADV; the September 2026 filing also lists 23 other offices (Schedule D, Section 1.F).

**Is U.S. Bancorp Asset Management, Inc. registered with the SEC or a state?**
U.S. Bancorp Asset Management, Inc. is an SEC-registered investment advisory firm, registered since 2001. Status as filed: Approved. CRD 111912.

**How much does U.S. Bancorp Asset Management, Inc. manage?**
U.S. Bancorp Asset Management, Inc. reports $427,478,051,485 in regulatory assets under management in its Form ADV filing dated August 28, 2026 (100% discretionary).

**How have U.S. Bancorp Asset Management, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for U.S. Bancorp Asset Management, Inc.: Regulatory assets under management: $150,003,053,614 in the October 2021 data and $427,478,051,485 in the October 2026 data, up 185%. Total employees: 105 in October 2021 and 322 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does U.S. Bancorp Asset Management, Inc. serve?**
By number of clients on Form ADV Item 5.D: state or municipal government entities (including government pension plans) (664); other (63); charitable organizations (56).

**Which custodians does U.S. Bancorp Asset Management, Inc. use?**
U.S. Bancorp Asset Management, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY, Principal Financial Group and U.S. Bank National Association (affiliated with the firm) as custodians holding 10% or more of its separately managed account assets.

**Does U.S. Bancorp Asset Management, Inc. report any disciplinary disclosures?**
Reports 8 disclosure items on Form ADV Item 11: yes answers to 1 question about criminal matters, 6 questions about regulatory matters, and 1 question about civil court matters (11.A(2), 11.C(2), 11.C(4), 11.C(5), 11.D(1), 11.D(2), 11.D(4), 11.H(1)(a)). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/111912

**What changed in U.S. Bancorp Asset Management, Inc.'s recent Form ADV filings?**
In the September 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Custodians (Schedule D, Section 5.K(3))
- BNY
- Principal Financial Group
- U.S. Bank National Association (affiliated with the firm)

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $427,478,051,485
- Discretionary: $426,580,240,381
- Non-discretionary: $897,811,104

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | Fewer than 5 | $7,174,976,381 |
| Investment companies | 9 | $192,713,425,528 |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 20 | $86,172,665,711 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 22 | $2,227,442,473 |
| Charitable organizations | 56 | $1,535,511,116 |
| State or municipal government entities (including government pension plans) | 664 | $102,202,267,520 |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 4 | $528,686,828 |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 43 | $26,538,054,560 |
| Other | 63 | $8,385,021,368 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2001 (25 years)
- Employees: 322 total, 62 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports 8 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.A(2): In the past ten years, has the firm or an advisory affiliate been charged with a felony?
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
- 11.D(1): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.H(1)(a): In the past ten years, has a domestic or foreign court issued an injunction against the firm or an advisory affiliate in connection with investment-related activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/111912

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- Atlanta, GA
- Charlotte, NC
- Cheyenne, WY
- Chicago, IL
- Cincinnati, OH
- Denver, CO
- Dubuque, IA
- Fort Lauderdale, FL
- Gresham, OR
- Harrisburg, PA
- Irvine, CA
- Los Angeles, CA
- McLean, VA
- Milwaukee, WI
- New York, NY
- Omaha, NE
- Orlando, FL
- Philadelphia, PA
- Sacramento, CA
- San Francisco, CA
- Southlake, TX
- Tempe, AZ
- Walnut Creek, CA

### Websites listed on Form ADV (Item 1.I)
- pfmam.com
- usbancorpassetmanagement.com
- LinkedIn @pfm-asset-management
- LinkedIn @us-bancorp-asset-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $150,003,053,614 | 105 | July 12, 2021 |
| October 2022 | $192,736,483,744 | 114 | August 26, 2022 |
| October 2023 | $146,724,120,981 | 106 | June 9, 2023 |
| October 2024 | $176,091,949,959 | 77 | April 8, 2024 |
| October 2025 | $402,817,397,453 | 318 | March 31, 2025 |
| October 2026 | $427,478,051,485 | 322 | August 28, 2026 |

Regulatory assets under management: $150,003,053,614 in the October 2021 data and $427,478,051,485 in the October 2026 data, up 185%.
Total employees: 105 in October 2021 and 322 in October 2026.

## Changes in the filing (last 12 months)

### September 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 63 to 62.
- Added an office in Fort Lauderdale, FL.
- Added an office in Gresham, OR.
- Added an office in Walnut Creek, CA.
- No longer lists an office in Ewing, NJ.
- No longer lists an office in Richmond, VA.
- No longer lists an office in San Francisco, CA.
- No longer lists an office in St. Charles, MO.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. U.S. Bancorp Asset Management, Inc. (CRD 111912): Form ADV filing data as of October 2026.