U.S. Bancorp Piper Jaffray merged its two fund families, First American Funds and Firstar Funds, to create a new First American family of funds, which includes institutional assets. It will have 55 funds, pared down from 86, with $53 billion in assets under management as of June 30.
The two groups merged to consolidate similar funds, said Mark Jordahl, chief investment officer of U.S. Bancorp Piper Jaffray, in a statement.
U.S. Bancorp Piper Jaffray Asset Management, the investment advisor to First American Funds, was formed in May as part of a reorganization after the February merger of U.S. Bancorp and Firstar Corp.
