The recent decision by US Bancorp to spin-off its Piper Jaffrey brokerage unit will be a non-event for its funds division. A spokesperson for the bank told the MutualFundWire.com that the bank's fund family would not be a part of the spin-off.

The bank's First American Funds complex offers some 51 funds with more than $54 billion in assets. It was created through the merger of First American Funds and US Bancorp Asset Management's funds last year.

Meanwhile, Morningstar also announced this week that U.S. Bancorp Asset Management has licensed the Chicago fund trackers' Advisor Workstation product for its portfolio managers. 

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