U.S. Bancorp Asset Management Inc. has tapped Marc Ammaturo as head of distribution for its institutional OCIO practice, which is part of its subsidiary, PFM Asset Management LLC.
The firm’s outsourced institutional CIO unit, as of June 30, had 260 clients, with $18.2 billion in discretionary assets under management (for which the OCIO does not need to seek the client’s permission to steer investments) and $5.5 billion non-discretionary.
Ammaturo will report to Jim Link, U.S. Bancorp’s head of institutional OCIO, and be located in the company’s Philadelphia office. Among Ammaturo’s new tasks will be expanding the firm’s presence throughout the nation, Link said in a statement.
Ammaturo has been working at PFM since 2005 as an equity analyst, a member of the investment committee, secretary of the PFM Multi-Manager Series Trust mutual funds and as a managing director. Before that, he was at PricewaterhouseCoopers and PNC Global Investment Servicing. He has an MBA from the University of Maryland and a Bachelor of Science degree from Penn State University.
“Marc is a financial services veteran with 27 years of experience; for the past 11 years, he has been integral in implementing PFM Asset Management’s strategy to develop, market and grow our OCIO services,” Link said. “Building out a specialized distribution team under Marc’s guidance allows us to focus our efforts on developing deeper relationships with our clients and significantly expanding our presence across the U.S. We’re thrilled to name him to this role.”