The Fund Will Be Managed by London-based JPMorgan Fleming Asset Management
MINNEAPOLIS, Dec. 9 /PRNewswire-FirstCall/ -- U.S. Bancorp Asset
Management announced today that the shareholders of First American Investment
Funds, Inc. (First American Funds) approved the appointment of J.P. Morgan
Investment Management Inc. (JPMorgan) as the subadvisor to the First American
International Fund. U.S. Bancorp Asset Management is the registered investment
advisor of First American Funds. The appointment was approved at a shareholder
meeting on Dec. 8, 2004. JPMorgan assumes management of the Fund from the
Fund's previous subadvisor, Clay Finlay, Inc.
J.P. Morgan Investment Management Inc. is a registered investment adviser
under JPMorgan Fleming Asset Management, which had $570 billion in assets
under management as of June 30, 2004. The firm, which is based in New York
City, was founded in 1838 and is the marketing name of the asset management
business of JPMorgan Chase & Co., a publicly traded company (NYSE: JPM).
James Fisher and Howard Williams lead the team that will manage the First
American International Fund. James Fisher is a senior portfolio manager and
managing director of JPMorgan's global portfolios group based in London. He
joined the firm in 1985. Howard Williams is a managing director and head of
JPMorgan's global portfolios group based in London. He joined the firm in
JPMorgan uses a bottom-up investment strategy that combines local market
insight with global sector comparisons. The process begins with stock rankings
at the local level, where stocks are evaluated by JPMorgan's regional
investment teams based on business, financial, management, and valuation
factors. A team of London-based portfolio managers then selects stocks from
among those that are ranked highly at the local level using global sector
analysts' recommendations. This team's stock selections also take into account
country and region weightings vis-a-vis the Fund's benchmark.
About First American Funds
The First American Funds mutual fund family is the 34th-largest* fund
family in the United States, with more than $52.3 billion** in 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 the
37th-largest asset manager*** domiciled in the United Sates, with more than
$119 billion** in assets under management. It is a performance-driven,
independent-style firm, backed by the sources and stability of U.S. Bancorp
(NYSE: USB), the sixth-largest financial services holding company in the
United States, with total assets of $193 billion.**
*Strategic Insight, Sept. 30, 2004
**Figures are as of Sept. 30, 2004, and are subject to change.
***Pensions and Investments "Databook," Dec. 22, 2003
Each Fund's 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.
Mutual fund investing involves risk; principal loss is possible.
International investing involves risks not typically associated with
domestic investing, including risks of adverse currency fluctuations,
potential political and economic instability, different accounting standards,
foreign government regulations, currency exchange rates, limited liquidity and
volatile prices. The risks of international investing are particularly
significant in emerging markets.
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.
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.
/CONTACT: Cheryl B. Stone, Vice President, Public Relations of
U.S. Bancorp Asset Management, +1-612-303-5657, Kristen Batteria of
JPMorgan Media Relations, +1-212-837-2109/
/Web site: http://www.firstamericanfunds.com /
CO: U.S. Bancorp Asset Management, Inc.; First American Investment Funds,
Inc.; J.P. Morgan Investment Management Inc.; JPMorgan Chase & Co.;
ST: Minnesota, New York
IN: FIN MFD
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7221 12/09/2004 06:00 EST http://www.prnewswire.com