MINNEAPOLIS, June 30 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset
Management, Inc., today announced that it has formed a strategic alliance this
month with Coast Asset Management (Coast) of Santa Monica, Calif. As part of
the alliance, U.S. Bancorp Asset Management will act as a shareholder
servicing agent on a variety of Coast's alternative investment products for
eligible investors in U.S. Bancorp Asset Management's Private Asset Management
group and institutional clients in the firm's Institutional Advisory Group.
"We believe that this alliance integrates several of our core
competencies, bringing together Coast's expertise in alternative investment
products and our significant relationships with clients across our footprint,"
said Tom Schreier, chief executive officer of U.S. Bancorp Asset Management.
"We are excited to have been selected by an institution of the stature of
U.S. Bancorp Asset Management and are looking forward to a long and mutually
beneficial relationship," said David Smith, president of Coast.
About U.S. Bancorp Asset Management
With more than $115 billion* in assets under management, U.S. Bancorp
Asset Management is the 37th-largest asset manager domiciled in the United
States and one of the nation's leading money managers to institutions and
individuals. The firm provides portfolio management to corporations, public
entities, nonprofit organizations, 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 March 31, 2003
About Coast Asset Management
Coast Asset Management, L.P., is an investment adviser located in Santa
Monica, Calif. Coast provides investment advisory services to clients in
connection with various alternative investment strategies, including
multi-advisor funds, fixed-income arbitrage, convertible-bond arbitrage, and
collateralized debt obligations.
This press release does not constitute an offer to sell alternative
investments. In addition, such investments shall not be offered or sold to any
person who would be ineligible to invest under the securities laws of any
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 $115 billion as of March 31, 2003. The firm has
offices in 22 states.
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.
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.