U.S. Bank has agreed to purchase PFM Asset Management.
Terms of the deal, which is expected to close in the fourth quarter subject to regulatory and other closing conditions, were not disclosed in a news release Thursday.
PFM Asset Management will continue to operate under its name as a separate entity following the closing of the acquisition, which is being made under U.S. Bank's subsidiary U.S. Bancorp Asset Management, U.S. Bank spokeswoman Kimberly Mikrot said in an email.
PFM's financial advisory business is not part of the deal, the news release said.
As of March 31, U.S. Bancorp Asset Management had more than $160 billion in assets under management, and PFM Asset Management had $123 billion in AUM and $41.2 billion in assets under administration.