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Jonathan Firestein Named Head of Private Capital for Ascent Private Capital Management of U.S. Bank


U.S. Bank, a leading provider of wealth management and private banking services, announced today that Jonathan Firestein has been appointed the head of private capital for Ascent Private Capital Management of U.S. Bank, a unit of U.S. Bank's Wealth Management Group that serves ultra high net worth clients with more than $25 million in individual or family wealth.

Firestein will lead the effort to construct the private capital investment platform for Ascent clients, including global investment strategies in venture capital, buyouts, private debt, real estate and real asset investment funds. He will also build the "impact" investment platform for Ascent clients, identifying global opportunities for clients to pursue investment opportunities with social and environmental impact as well as potential financial returns. Firestein will report to Kurt Silberstein, Ascent's head of alternative investments.

"Jonathan's previous experience in leading the construction of a global private capital investment platform and his focused experience in private equity make him well suited for this position," Silberstein said. "Additionally, his background in economics provides him with a macro-economic perspective to guide the selection of private capital investment opportunities."

Firestein brings more than 14 years of investment and business development experience to the Ascent investment team, including extensive experience in leveraged buyouts. He previously served as director of research for Wells Fargo Family Wealth and as a senior associate at Rigel Associates, a California-based private equity firm. Firestein earned a Masters of Science degree in economics and a Masters of Business Administration from Arizona State University. He graduated from the University of Arizona with a Bachelor of Arts degree in economics.

Firestein joined Ascent on August 8, 2011, and will work at the U.S. Bank office located at One California Street in San Francisco.

About Ascent Private Capital Management

Ascent Private Capital Management of U.S. Bank (ascent.usbank.com) helps individuals and families with significant wealth focus on the impact of their wealth rather than simply on accumulating that wealth. Ascent's unique service delivery model combines traditional wealth management offerings - financial planning; investment management; private banking; trust and estate services; and financial administration - with cutting-edge "wealth impact" services that may help some of the country's wealthiest families with family governance, family dynamics, and multigenerational wealth planning and education.

About U.S. Bank Wealth Management

U.S. Bank Wealth Management offers comprehensive wealth management solutions, including investment management, brokerage, financial planning, private banking, personal trust and insurance services for individuals, families, and their foundations. Ascent Private Capital Management serves ultra-high-net-worth clients with more than $25 million in investable assets; The Private Client Reserve (privateclientreserve.usbank.com) serves high-net-worth clients with more than $1 million in investable assets; and The Private Client Group serves affluent clients with more than $100,000 in investable assets. Brokerage services are offered through U.S. Bancorp Investments, Inc., and insurance services are offered through U.S. Bancorp Insurance, LLC.

About U.S. Bank

U.S. Bancorp (NYSE: USB), with $321 billion in assets as of June 30, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,086 banking offices in 25 states and 5,086 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.

Deposit products offered by U.S. Bank National Association. Member FDIC. Credit products offered by U.S. Bank and subject to normal credit approval.

Investment products are:

Not a Deposit Not FDIC Insured Not Guaranteed by the Bank
May Lose Value Not Insured by Any Federal Government Agency

Insurance products, including annuities, are available through U.S. Bancorp Insurance Services, LLC, U.S. Bancorp Investments, Inc., in Montana: U.S. Bancorp Insurance Services of Montana, Inc., and in Wyoming: U.S. Bancorp Insurance & Investments, Inc. All are licensed insurance agencies and subsidiaries of U.S. Bancorp and affiliates of U.S. Bank. Insurance and annuity policies are underwritten by unaffiliated insurance companies and may not be available in all states. California Agency #OE24641. U.S. Bank is not responsible for and does not guarantee the products, services, or performance of its affiliates.

Alternative investments, such as those mentioned above, very often use speculative investment and trading strategies. There is no guarantee that the investment program will be successful. Alternative investments are designed only for investors who are able to tolerate the full loss of an investment. These products are not suitable for every investor even if the investor does meet the financial requirements. It is important to consult with your investment professional to determine how these investments might fit your asset allocation, risk profile, and tax situation. Hedge funds are speculative and involve a high degree of risk. An investment in a hedge fund involves a substantially more complicated set of risk factors than traditional investments in stocks or bonds, including the risks of using derivatives, leverage, and short sales, which can magnify potential losses or gains. Restrictions exist on the ability to redeem units in a hedge fund. Investments in private equity are illiquid by nature and typically represent a long-term binding commitment. The investments made by private equity funds are not readily marketable and the valuation procedures for these positions are often subjective in nature. Investments in real estate securities can be subject to fluctuations in the value of the underlying properties, the effect of economic conditions on real estate values, changes in interest rates, and risks related to renting properties (such as rental defaults).


U.S. Bank Wealth Management
Cheryl Stone, Vice President, Public Relations, 612-303-5657
U.S. Bank Public Relations
Amy Frantti, 612-303-0733
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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