U.S. Bancorp Asset Management is rebranding as part of an effort to woo registered advisors. The bank-owned advisor will officially become FAF Advisors on March 31, 2006, the company announced Wednesday.

The bank advisor sponsors the First American Funds, a fund family that presently includes more than 40 mutual funds with more than $55 billion in assets under management at the end of 2005.

The move was timed to coincide with George Washington's birthday. The first president's likeness will also become a significant part of the funds' branding. In its statement, U.S. Bancorp Asset Management said FAF advisors will adopt this logo, which reflects "integrity, determination, and stability of leadership."

The new name also reflects the Minneapolis, Minnesota-based company’s intention to strengthen association with its mutual fund family, First American Funds, which received Lipper’s "Best Overall" Fund Group award in March of last year.

As well as First American Funds, U.S. Bancorp Asset Management comprises an Institutional Advisory arm and a Securities lending arm.

Kim Krueger, spokesperson for U.S. Asset Management, said the move will not in any way alter the company's role as registered advisor to the First American Funds. The funds will retain their present name. 

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