New Fund Designed to Provide Preservation of Principal, Competitive Returns,
And Significant Marketing Incentives for Financial Advisors
MINNEAPOLIS, Jan. 27 /PRNewswire-FirstCall/ -- U.S. Bank, N.A., announced
today the launch of a new First American Stable Asset Advisor Fund designed
for investors who seek preservation of principal and competitive returns. This
fund, which is available exclusively to employer-sponsored qualified
retirement plans, is a new "advisor class" of the underlying $782 million U.S.
Bank Stable Asset Fund. The fund is structured like the popular new R shares
for retirement plans and will invest in high-quality, fixed-income securities
paired with book-value wrap contracts to protect principal and minimize
This new stable-value solution makes it easy for advisors and service
providers to include the fund in their clients' retirement plans, as the fund
is available through the National Securities Clearing Corporation (NSCC)
exchange and is structured to pay referral fees to financial advisors on an
automated basis. The fund is set up as a collective investment fund and is
managed by U.S. Bancorp Asset Management, Inc., and trusteed by U.S. Bank,
"The Stable Asset Advisor Fund has a proactive investment and growth
strategy, given the fund's risk-return profile," explained Janet Quarberg,
managing director of stable value investments at U.S. Bancorp Asset Management
and co-manager of the fund. Stable value funds have traditionally been
available primarily to larger plans, but in response to customer demand, the
First American Stable Asset Advisor Fund is designed to accommodate even the
smallest of plans from across the country. "It is an attractive alternative
to the currently low-yielding money-market investments and is a valuable
addition to the small-plan market," Quarberg said.
The new fund is available through U.S. Bank's Solution Online 401(k)
product and U.S. Bank's record-keeping partner, ExpertPlan. It is also
available through U.S. Bancorp distribution channels and broker-dealers. The
fund will be sold with no loads, surrender charges, or market-value
adjustments and will provide financial advisors with significant marketing
"Financial advisors have been looking for an investment that will provide
stable returns as well as attractive commission streams, and the new Stable
Asset Fund fits the bill," said Sue Hafferkamp, vice president of
institutional trust and custody at U.S. Bank. "The fund integrates several of
our core competencies, bringing together our fund servicing abilities stable-
value investment expertise, and retirement-plan capabilities."
"The fund will be a welcome addition to ExpertPlan's line-up of product
offerings," said Steve Benson, senior vice president of business development
at ExpertPlan. "Our other partners and third-party administrators that have
products powered by the ExpertPlan platform have already come to know and
appreciate many First American products. I believe this type of seamless fund
solution will be well-received, as it satisfies the needs of investors and
service providers alike."
About U.S. Bank National Association
U.S. Bank National Association 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 with assets in excess of $174 billion.
U.S. Bancorp operates 2,133 banking offices and 4,680 ATMs and provides a
comprehensive line of banking, brokerage, insurance, investment, mortgage,
trust and payment services products to consumers, businesses and institutions.
Visit U.S. Bancorp on the web at usbank.com .
About the First American Stable Asset Advisor Fund
The First American Stable Asset Advisor Fund is a collective investment
fund organized under regulations issued by the Office of the Comptroller of
the Currency. The Fund has not been registered with, reviewed by, or approved
by the Securities and Exchange Commission or any other state or federal
About U.S. Bancorp Asset Management
With more than $113 billion* in assets under management, U.S. Bancorp
Asset Management, Inc. is the 42nd largest asset manager in the world and one
of the nation's leading money managers to institutions and individuals. U.S.
Bancorp Asset Management is a subsidiary of U.S. Bank National Association and
provides investment management services to individuals and institutions --
including corporations, foundations, pension funds, public funds and
retirement plans. The firm has offices in Minneapolis, Milwaukee, Madison,
Cincinnati, St. Louis, Portland, Seattle and Denver.
*Total assets listed as of Dec. 31, 2002
SOURCE U.S. Bancorp Asset Management