MINNEAPOLIS--(BUSINESS WIRE)--Feb. 22, 2006--U.S. Bancorp Asset
Management announced today that it will assume the name of 'FAF
Advisors' on March 31, 2006. The new name sharpens focus on the firm's
business as an asset manager with a proven investment process that
creates high-quality performance and products for its clients and
The new name also creates a stronger association between the asset
management firm and its Lipper award-winning mutual fund family, First
American Funds, which received Lipper's 2005 "Best Overall" Fund Group
award for three-year, risk-adjusted performance among 31 large U.S.
fund groups for the period ended Dec. 31, 2004. The firm is the
registered investment advisor of First American Funds.
"Our new name more precisely positions us as a focused asset
management firm that competes effectively in retail and institutional
markets, as well as continues to provide our products and services to
the proprietary channels that have gotten us to where we are today,"
said CEO Tom Schreier, who is also president of First American Funds.
"While the name is changing, FAF Advisors will continue to be the same
principled, proven, performance-driven, asset manager it has always
FAF Advisors will remain a subsidiary of U.S. Bank and continue to
work closely with its partners throughout U.S. Bancorp, the parent
company of U.S. Bank. "We're proud of the investment success of our
asset-management subsidiary and First American Funds," said Richard
Davis, president and chief operating officer of U.S. Bancorp. "We
believe that the new name builds on this success and continues to move
a business we are committed to forward."
George Washington to Figure Prominently in Firm's Corporate
The new FAF Advisors' logo emphasizes the firm's strong
association with First American Funds and will be launched on March
31. George Washington's image, which has been part of First American
Funds' identity since 2001, will also figure prominently in FAF
The announcement of the firm's name change is being made on George
Washington's 274th birthday in honor of our country's first president.
His integrity, determination, and stability of leadership symbolize
the attributes that the firm and fund family strive for in their
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 corporations, public
entities, nonprofit organizations, and other institutions. The firm is
one of the nation's leading money managers, with more than $89.99
billion in assets under management as of Jan. 31, 2006. Assets reflect
the transfer of $34.46 billion in assets to the new U.S. Bank Private
Asset Management division of U.S. Bank on Jan. 1, 2006.
(a)Lipper Fund Awards are not intended to predict future results.
Lipper is a leading global mutual fund research firm.
Past performance is no guarantee of future results.
Each fund's investment objectives, risks, charges, and expenses
must be considered carefully before investing. The prospectus contains
this and other information and may be obtained by calling 800.677.FUND
or by visiting firstamericanfunds.com. Read the prospectus carefully
Mutual fund investing involves risk; principal loss is possible.
Investing in certain funds involves special risks, such as those
related to investments in small- and mid-capitalization stocks,
foreign, debt, and high-yield securities, and funds that focus their
investments in a particular industry. Please refer to the prospectus
for more details pertaining to these risks.
"Best Overall" is for three-year, risk-adjusted performance among
31 large U.S. funds groups for the period ended Dec. 31, 2004. Lipper
determined the large fund group awards by averaging the decile rank of
the three-year Consistent Return scores for all of the firm's funds
within the asset class, and the eligible group with the lowest average
decile rank received the award for that asset class. In case of a tie,
the group with the lower average percentile rank received the award.
Large fund groups with at least five equity, five bond, or three mixed
equity portfolios that received Consistent Return scores as of Dec.
31, 2004, are eligible for a fund group award in the respective asset
class. Large fund groups with at least five equity, five bond, and
three mixed equity portfolios that received Consistent Return scores
as of Dec. 31, 2004, are eligible for an overall fund group award.
Although Lipper makes reasonable efforts to ensure the accuracy and
reliability of the data contained herein, the accuracy is not
guaranteed by Lipper.
U.S. Bancorp Asset Management, Inc., a subsidiary of U.S. Bank
National Association, serves as the investment advisor to the First
American Funds. U.S. Bank National Association is a separate entity
and wholly owned subsidiary of U.S. Bancorp (NYSE:USB). U.S. Bancorp
is the parent company of U.S. Bank. Visit U.S. Bancorp at usbank.com.
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.
NO FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
CONTACT: U.S. Bancorp Asset Management
Cheryl B. Stone, 612-303-5657
SOURCE: U.S. Bancorp Asset Management, Inc.