When U.S. Bancorp closed its $730 million acquisition of Piper Jaffray Cos. and its broker-dealer last week, the banking company significantly bolstered its position in investment products.

With the addition of $13 billion of assets managed by Piper, U.S. Bancorp now boasts $75 billion under management, including $30 billion in mutual funds. The companies' investment advisory arms have been combined under the banner of First American Asset Management, a unit of the Minneapolis banking company's lead subsidiary, U.S. Bank N.A.

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