MINNEAPOLIS, Oct. 23 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset
Management today announced that it has named David A. Chalupnik as its new
head of equities. Chalupnik, who joins the firm from Duff & Phelps Investment
Management Co. in Chicago, will be responsible for the investment process and
performance of the equities group, which includes approximately $38 billion of
equity assets under management and more than 70 professionals and support
staff. In addition, he will become a member of the firm's Investment Policy
Committee, which is responsible for developing and maintaining investment
philosophy and process. Chalupnik assumes the position from Marion Quade, who
will continue to serve as a portfolio manager of the First American Large Cap
Chalupnik, who has more than 18 years of investment experience, served as
chief investment officer of Duff & Phelps Investment Management Co. from 2000
to 2002. Prior to that, he was head of the Equity Investment Division of
Allstate Insurance Company in Northbrook, Ill. He also managed large-cap and
mid-cap portfolios for Allstate and served as assistant research director and
a senior investment analyst. He has M.B.A. and B.S. degrees from DePaul
University in Chicago and is a C.F.A.
We're very excited that David will be heading up our equities investment
team, said Chief Investment Officer Mark Jordahl.
He brings both passion
and a disciplined approach to the investment process. We believe that his
excellent leadership abilities, adherence to fundamental research principles,
performance orientation, and collaborative management style will fit well
within our investment culture.
Chalupnik will assume his duties on Nov. 18. He will maintain offices in
both the Minneapolis headquarters office and Milwaukee.
About U.S. Bancorp Asset Management
With $112 billion* in assets under management, U.S. Bancorp Asset
Management is the 42nd largest asset manager in the world and one of the
nation's leading money managers to institutions and individuals. The firm
provides portfolio management to corporations, public entities, nonprofit and
other institutions, as well as advising the First American family of mutual
funds and providing customized portfolio management for private clients.
* Total assets listed as of Sept. 30, 2002
Based in Minneapolis, U.S. Bancorp Asset Management, Inc., is a subsidiary
of U.S. Bank National Association. It provides investment management services
to individuals and institutions -- including corporations, nonprofit
organizations, public entities and labor unions -- which had combined assets
under management of $112 billion as of Sept. 30, 2002. The firm has offices
in Minneapolis, Milwaukee, Madison, Cincinnati, St. Louis, Portland, Seattle
U.S. Bancorp Asset Management, Inc., a subsidiary of U.S. Bank National
U.S. Bank), serves as the investment advisor to the First
American Funds. U.S. Bank is a separate entity and wholly owned subsidiary of
U.S. Bancorp (NYSE: USB), the eighth-largest financial services holding
company in the United States and a leading provider of comprehensive banking,
trust, investment and payment systems products and services. U.S. Bancorp is
the parent company of U.S. Bank.
For a prospectus containing more complete information on First American
Funds, including investment policies, fees and expenses, please contact your
investment professional, call First American Funds investor services at
1-800-677-FUND, or visit us on the web at www.firstamericanfunds.com . Please
read the prospectus carefully before you invest or send money.
Mutual fund investing involves risk; principal loss is possible. Past
performance is no guarantee of future results. The principal value and
investment return of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
First American Funds are distributed by Quasar Distributors, LLC, an
Investment products, including shares of mutual funds, are not obligations
of, or guaranteed by, any bank, including U.S. Bank or any U.S. Bancorp
affiliate, nor are they insured by the Federal Deposit Insurance Corporation,
the Federal Reserve Board or any other agency. An investment in such products
involves investment risk, including possible loss of principal.
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SOURCE U.S. Bancorp Asset Management, Inc.
/CONTACT: Cheryl Stone, Public Relations Manager of U.S. Bancorp Asset
/Web site: http://www.firstamericanfunds.com /
CO: U.S. Bancorp Asset Management, Inc.
IN: FIN MFD
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9639 10/23/2002 06:01 EDT http://www.prnewswire.com