Hail to the Chief.

Eric Thole has been named president and chief executive of US Bancorp Asset Management.

The 17-year company veteran Joseph M. Ulrey III, who is retiring after 34-years with the firm.

US Bancorp Asset Management is a $56 billion asset manager which runs five money market funds under the First American Funds brand with a total AUM of $38.71 billion, most recently served as the firm's chief operating officer.

The US Bancorp. subsidiary sold off its $80 billion long-term mutual fund business in the summer of 2010 to Nuveen.

Before serving as COO, Thole held a number of other positions at the asset manager and at First American Funds, including senior managing director, head of operations, technology and fund treasury. 

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