Growth Team Joins Firm From M&I's Marshall Funds, Allen Steinkopf Named Lead
Manager of Small Cap Select Team
MINNEAPOLIS, April 26 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset
Management today announced that it has named Sean McLeod, CFA, as the new lead
manager of the First American Small Cap Growth Opportunities Fund, which had
more than $509 million in assets under management as of March 31, 2004. Robert
McDougall, CFA, has been named co-manager. Both McLeod and McDougall join the
firm from M&I Investment Corporation's Marshall Funds in Milwaukee, where
McLeod served as the portfolio manager of the Small Cap Growth Fund and
McDougall served as co-manager and senior equity analyst. The new team
replaces Joe Frohna and Brian Bies, who left the firm in March.
U.S. Bancorp Asset Management also announced that Allen Steinkopf, CFA,
has been named lead manager of the First American Small Cap Select Fund, which
had more than $1.1 billion in assets under management of March 31, 2004.
Steinkopf had previously been a technology analyst for the firm. He replaces
John Potter, who left the firm in March.
Sean McLeod, CFA, has nine years of investment experience and served as
portfolio manager of the Marshall Small Cap Growth Fund since 2000. Prior to
that, he was a senior equity analyst on the Marshall Small and Mid Cap Growth
funds and an equity analyst for Strong Capital Management in Menomonee Falls,
Wis. He has an M.S. degree in finance and a B.A. degree in finance from the
University of Wisconsin-Madison.
Rob McDougall, CFA, has 16 years of financial industry experience and
served as a senior equity analyst for the Marshall Small Cap Growth Fund since
2000. Prior to that, he served as an equity analyst for the Marshall Large Cap
Growth & Income Fund, a vice president of corporate finance for M&I Marshall &
Ilsley Bank in Milwaukee, an assistant vice president for commercial lending
at Norwest Bank in Milwaukee, and an assistant vice president for commercial
lending at the Bank of Boston in Chicago. He has an M.B.A. in finance and
accounting from the University of Chicago and a B.B.A. degree in finance and
accounting from the University of Michigan.
Allen Steinkopf, CFA, has been a technology analyst at the firm since 2003
and has more than 11 years of industry experience. He previously co-managed
the small-cap growth portfolio for Advantus Capital Management in St. Paul,
and prior to that, was a senior equity analyst for small-cap growth and
managed all technology exposure for small-cap growth portfolios. Steinkopf
also co-managed a balanced fund, large-cap core portfolio, and large-cap
growth portfolio for Advantus. He has an M.B.A. from the University of
Minnesota and a B.A. in finance and mathematics from the University of
"We're delighted to have Sean, Rob, and Allen assume leadership of our
small-cap growth and core equity products," said David Chalupnik, head of
equities for U.S. Bancorp Asset Management. "They're all talented investment
professionals who fit well in our investment culture."
McLeod, McDougall and Steinkopf assumed their duties on April 26 at the
firm's Minneapolis headquarters.
About First American Funds
The First American Funds mutual fund family is the fifth-largest bank-
affiliated fund family in the United States, with more than $56 billion* in 46
open-end funds. The funds are advised by U.S. Bancorp Asset Management.
About U.S. Bancorp Asset Management
U.S. Bancorp Asset Management is a national investment firm that serves as
the registered investment advisor to First American Funds and provides
customized portfolio management to private clients, corporations, public
entities, nonprofit organizations, and other institutions. The firm is one of
the nation's leading money managers, with more than $122 billion* in assets
*Total assets listed as of March 31, 2004
The funds' investment objectives, risks, charges, and expenses must be
considered carefully before investing. The prospectus contains this and other
important information about First American Funds, and it may be obtained by
calling First American Investor Services at 800.677.FUND or visiting
firstamericanfunds.com . Read the prospectus carefully before investing.
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
(NYSE: USB) 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.
U.S. Bancorp Asset Management, Inc., serves as the investment advisor to
First American Funds. First American Funds are distributed by Quasar
Distributors, LLC, an affiliate of the investment advisor.
SOURCE U.S. Bancorp Asset Management, Inc.