A January 1, 2011, press release entitled, "First American Funds Announces Important Changes," says, "First American Funds announced today that it will continue to serve the money market needs of its shareholders as its advisor strengthens its investment focus on short-term fixed-income investment strategies following Nuveen Investments' acquisition of First American Funds' long-term mutual funds on Dec. 31, 2010." (See Crane Data's July 30, 2010, News "U.S. Bancorp to Sell Long-Term Funds; Keep, Rename FAF Money Funds".)
The brief release adds, "First American Funds' advisor, formerly known as FAF Advisors, Inc., has changed its name to U.S. Bancorp Asset Management, Inc., a subsidiary of U.S. Bank National Association and an affiliate of U.S. Bancorp." No word yet on when the First American Funds themselves will be renamed U.S. Bancorp Funds. According to Crane Data's Money Fund Intelligence XLS, the First American Funds hold $42 billion in money funds as of Dec. 31, and the complex ranks 18th among the 79 managers of U.S. money market funds.
Under "About U.S. Bancorp Asset Management Products and Services," it says, "The investment products and capabilities of U.S. Bancorp Asset Management include institutional short-term fixed-income investment strategies; management of securities lending assets; closed-end funds; and advisory services for the First American Money Market Funds. Liquidity and cash-related investment vehicles are a core competency of the firm, which has achieved both significant expertise and scale, with more than $60 billion in short-term fixed-income and closed-end fund assets under management as of Sept. 30, 2010."
It continues, "U.S. Bancorp Asset Management's clients will see no change to the investment team that has supported them and provided consistent investment performance over the years. This team is headed by Joseph M. Ulrey III, who has been named chief executive officer of U.S. Bancorp Asset Management. Mr. Ulrey formerly served as chief financial officer of FAF Advisors.... U.S. Bancorp Asset Management will continue to benefit from the operating and financial strength of U.S. Bank as a parent. U.S. Bank is committed to investing in the resources necessary to manage and grow short-term fixed-income products and strategies going forward. U.S. Bancorp Asset Management will continue to have its headquarters at its present location in downtown Minneapolis."
A separate Jan. 3, 2011, press release entitled, "Nuveen Investments Completes Strategic Combination with FAF Advisors," says, "Nuveen Investments, a leading global provider of investment services to institutions as well as high-net-worth and affluent investors, today announced the completion on December 31, 2010, of the strategic combination with FAF Advisors and Nuveen Asset Management, the largest investment affiliate of Nuveen Investments. As part of this transaction, U.S. Bancorp -- the parent of FAF Advisors -- received a 9.5% stake in Nuveen Investments as well as additional cash consideration in exchange for the long term investment business of FAF Advisors, including investment-management responsibilities for the mutual funds of the First American Funds family."
