MINNEAPOLIS--(BUSINESS WIRE)--Aug. 1, 2005--U.S. Bancorp Asset
Management announced today that it has named Jim Greenawalt as its new
head of distribution. Greenawalt will direct distribution for both
First American Funds and the Institutional Advisory Group, effective
August 1. He will also be a member of the firm's Operating Committee.
Greenawalt's appointment comes at a time when U.S. Bancorp Asset
Management is focused on expanding distribution of its Lipper
award-winning First American mutual funds to third parties - including
wire houses, regional brokerage firms, and financial advisory firms -
and increasing its asset management presence in the institutional
marketplace. Greenawalt has served as a senior consultant to the firm
for the past nine months.
"Jim has a wealth of industry experience, and I am thrilled that
he will continue to provide leadership and valued insight to our sales
and relationship teams, as well as to the Operating Committee," said
Tom Schreier, chief executive officer of U.S. Bancorp Asset Management
and president of First American Funds. "His track record of
successfully driving growth through retail mutual-fund channels,
coupled with our product lineup, gives us immense confidence."
Greenawalt previously directed distribution for Calamos
Investments in Chicago. He has also served as chief operating officer
and president of Scudder Kemper Investments, Inc./Kemper Funds,
director of sales and operations for Kemper Distributors, Inc., and
senior vice president for Kemper Financial Services, Inc., in Chicago.
Prior to that, he was vice president of telemarketing for Fidelity
Investments in Dallas. Greenawalt was a captain and pilot in the U.S.
Air Force and has a B.A. in geography from the University of North
Carolina at Chapel Hill, N.C., and an M.Ed. degree in counseling from
Valdosta State University in Valdosta, Ga.
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 nearly $122.3 billion in assets under management as of June 30,
About First American Funds
First American Funds is the 34th-largest(a) fund group in the
United States with nearly $52.6 billion in assets under management as
of June 30, 2005. It offers a broad array of mutual funds across a
full spectrum of investment styles and share classes.
(a) Strategic Insight, June 2005
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 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.
Lipper's "Best Overall" award is for three-year, risk-adjusted
performance among 31 large U.S. fund groups for the period ended Dec.
31, 2004. The "Best Mixed Equity" award is for three-year,
risk-adjusted performance among 32 large fund groups using a
combination of stocks and bonds to achieve consistent return as of
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.
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.
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.
CONTACT: U.S. Bancorp Asset Management
Cheryl B. Stone, 612-303-5657
SOURCE: U.S. Bancorp Asset Management, Inc.