MINNEAPOLIS — U.S. Bancorp has merged its asset management businesses under a new name, U.S. Bancorp Piper Jaffray Asset Management Inc.

The merger took place Thursday, three months after Firstar Corp. of Milwaukee bought the old U.S. Bancorp and adopted its name.

U.S. Bancorp Piper Jaffray is U.S. Bancorp’s brokerage arm. It descended from the Minneapolis brokerage Piper Jaffray Inc., which the old U.S. Bancorp bought in 1998.

The new U.S. Bancorp Piper Jaffray Asset Management Inc. combines the operations of Firstar Investment Research and Management Co. with the old U.S. Bancorp’s First American Asset Management.

The unit manages individual and institutional portfolios and advises 86 mutual funds. It is the eighth-largest bank-owned asset management firm in the United States, with $113 billion of assets under management.

Three other businesses run by U.S. Bancorp have also been rebranded with the U.S. Bancorp Piper Jaffray name: U.S. Bancorp Piper Jaffray Private Advisory Services, U.S. Bancorp Piper Jaffray Equity Capital Markets, and U.S. Bancorp Piper Jaffray Fixed-Income Capital Markets.

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