U.S. Bancorp (USB) in Minneapolis has hired a president and chief executive for its asset management subsidiary.

Eric Thole will take over at U.S. Bancorp Asset Management on June 30, succeeding Joseph Ulrey, who is retiring. U.S. Bancorp manages more than $56 billion in assets.

Thole has been with the $361 billion-asset company for more than 17 years, most recently serving as the unit's chief operating officer. He is also a vice president of First American Funds.

Thole's background and leadership ability "make him ideally suited for this expanded role," Andrew Cecere, U.S. Bancorp's vice chairman and chief financial officer, said in a press release. "We all wish Joe the very best in his retirement, and thank him for his 34 years of service."

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