Subject:
Title
Consent of Consolidation of PFMAM (PFM Asset Management LLC) and US BAM (U.S. Bancorp Asset Management Inc) as a single SEC registered investment adviser (RIA) under its parent company, USBAM.
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Fiscal Impact:
Dept/Office:
County Finance Department
Requested Action:
Recommendation
It is requested that the Board of County Commissioners consent to the consolidation of PFM Asset Management LLC registered investment adviser with U.S. Bancorp Asset Management, Inc (USBAM) registered investment adviser, a subsidiary of U.S. Bancorp as a single SEC registered investment adviser under its parent company US BAM.
Authorize the County Manager to sign the Consent Letter.
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Summary Explanation and Background:
In December of2021 PFM Asset Management LLC (PFMAM) became a wholly owned subsidiary of U.S. Bancorp Asset Management Inc (USBAM) but continued to operate as a separate entity and registered investment adviser known as PFMAM, a division of USBAM. The BOCC approved this assignment of Investment Advisory Agreement on October 26, 2021.
Since the acquisition PFMAM and USBAM has been evaluating the optimal and most efficient ways to integrate PFMAM's business into U.S. Bank to serve PFMAM clients. In connection with that ongoing effort, a decision has been made to consolidate PFMAM under its parent company, USBAM, through a corporate reorganization (the Consolidation). Upon the consolidation, PFM Asset Management LLC a registered investment adviser and U.S. Bancorp Asset Management, Inc (USBAM) registered investment adviser, a subsidiary of U.S. Bancorp will become a single SEC registered investment adviser under its parent company USBAM. US BAM will continue to serve PFMAM public sector clients using the PFMAM brand name, as a division of USBAM.
PFMAM is the County's current Investment Adviser. The current contract with PFMAM expires on December 14, 2024, with the County having the option to renew.
Clerk to the Board Instructions: