MINNEAPOLIS - U.S. Bancorp's asset management arm Tuesday named Peter Torvik, formerly of Dain Rauscher, to head its funds group.

In the newly created position as executive vice president of the First American Funds Group, Mr. Torvik, 46, will handle sales, marketing, and product management of the First American family of mutual funds and retirement plans.

Before coming to First American, Mr. Torvik was president of DPG Group, a Florida affinity marketing partnership. He began he career in wealth management in 1986 at Dain Rauscher, where, during a seven-year stay, he served as president of its money management division.

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