MINNEAPOLIS, Dec. 16 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset
Management, Inc., today announced that Wendy Schoppert will head its newly
organized Product, Marketing and Corporate Development department. Schoppert,
who joined the firm in May to create a new corporate development function,
will be responsible for driving growth in the firm's assets, revenue and
profitability across all product lines. In addition, she will be a member of
the firm's Operating Committee, which is responsible for developing and
maintaining the firm's operational philosophy and process. She assumes
product and marketing responsibilities from Peter Torvik, who recently left
"Our emphasis will be on prioritizing existing and new opportunities and
aligning the organization to focus on those initiatives with the most
potential for profitable growth," Schoppert said. She explained that current
priorities include the firm's First American Funds business, the Facts 529 and
Oregon College Savings Plan business, a recently enhanced First American
Stable Asset Fund, and alternative investments such as hedge funds. She said
that the firm may also consider growth through strategic acquisitions and
Schoppert previously served as vice president of The Leisure Company at
America West Holdings Corporation in Phoenix, where she also served as vice
president of America West Vacations, senior director of reservations, and
senior director of investor relations. Prior to that, she served in a variety
of financial and strategic-planning roles at Northwest Airlines in Minneapolis
and American Airlines in Dallas. She has a B.A. in operations research and
mathematics and an M.B.A. from Cornell University.
"We're very excited that Wendy will be heading up our product, marketing
and corporate development effort," said CEO Tom Schreier. "We believe that
her excellent leadership abilities, performance orientation, and collaborative
management style will fit well within our corporate culture."
Schoppert assumed her new duties in Minneapolis on November 11.
About U.S. Bancorp Asset Management
With more than $111 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 more than $111 billion as of Sept. 30, 2002. The firm has
offices in Minneapolis, Milwaukee, Madison, Cincinnati, St. Louis, Portland,
Seattle and Denver.
U.S. Bancorp Asset Management, Inc., a subsidiary of U.S. Bank National
Association ("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.
Mutual fund investing involves risk; principal loss is possible. 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
First American Funds are distributed by Quasar Distributors, LLC, an
affiliate of the investment advisor.
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.
SOURCE U.S. Bancorp Asset Management, Inc.