February 19, 2013 at 06:00 AM EST
Ascent Private Capital Management of U.S. Bank Wins PAM Award for "Best Newcomer – Private Wealth Manager"

U.S. Bank Wealth Management, among the top 20 wealth managers,* is pleased to announce that Ascent Private Capital Management of U.S. Bank, its ultra-high-net-worth business division, won “Best Newcomer – Private Wealth Manager” and was highly commended for “Best Multi-Family Office – Client Service – Over $2.5 Billion” in the 2013 Private Asset Management (PAM) Awards in New York City on February 12. Ascent President Michael Cole was in New York to accept the awards.

The PAM Awards annually honor private wealth managers for excellence and innovation in private asset management for the country’s wealthiest families. Ascent was recognized for outstanding innovation, rapid growth, and excellence in client service after its first full year of business operations.

“This is a great honor for the entire Ascent team,” Cole said. “We’re proud of our innovative approach to managing wealth and its impact and are gratified that our efforts to help our clients preserve their assets and create impact with their wealth have been so highly recognized in the wealth-management industry.”

During its first year of operations, Ascent’s client base and client assets grew exponentially. Ascent now has offices in Minneapolis, Denver, Seattle, and Cincinnati. Another office will open in San Francisco this year.

About Ascent Private Capital Management
Ascent Private Capital Management of U.S. Bank (ascent.usbank.com) provides advisory services to individuals and multi-generational families with more than $50 million in net worth who may have private businesses and foundations and who aspire to making an impact on their communities and the world at large. Using a fully integrated service model, Ascent Private Capital Management provides ultra-high-net-worth clients with an innovative and personalized client-service model that combines traditional wealth management offerings –- financial planning; investment management; private banking; personal trust and estate administration services; information management; and financial administration -– with cutting-edge “wealth impact” planning and communication services that may help families of wealth in the areas of family dynamics; family governance and risk management; multigenerational wealth transfer with education and preparation of heirs; leadership and communication assessment; strategic planning; education; stewardship; and philanthropy.

About the Private Asset Management (PAM) Awards
The PAM Awards annually reward excellence and innovation in private asset management and are hosted by Private Asset Management Magazine (PAM), the only publication and online news source dedicated to wealth management and family offices. The magazine brings readers actionable information regarding best business practices, investment management and trust services, and incorporates breaking industry news, people moves, in-depth trend articles, and profiles on top multi- and single-family offices and wealth management firms. The annual awards are specifically designed for firms operating within the private asset management industry that have proven themselves over the course of the previous year. The judging process uses an independent panel composed of industry experts and is based on a mixture of qualitative and quantitative performance indicators.

About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $354 billion in assets as of Dec. 31, 2012, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,084 banking offices in 25 states and 5,065 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services and products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

* Barron’s Top 40 Wealth Managers,” Sept. 17, 2012, ranked by client assets in accounts of $5 million or more as of June 30, 2012.

Deposit products offered by U.S. Bank National Association. Member FDIC. Credit products offered by U.S. Bank and subject to normal credit approval.

Investment products are:

Not a DepositNot FDIC InsuredNot Guaranteed by the Bank
May Lose ValueNot Insured by Any Federal Government Agency

U.S. Bank and its representatives do not provide tax or legal advice. Each individual’s tax and financial situation is unique. Individuals should consult their tax and/or legal advisor for advice and information concerning their particular situation.

U.S. Bank is not affiliated with the companies or organizations mentioned above. U.S. Bank is not responsible for and does not guarantee the products, services or performance of third-parties.

Contacts:

U.S. Bank
Cheryl Stone
Vice President, Public Relations
U.S. Bank Wealth Management
612-303-5657
or
Robin Francis
U.S. Bank Wealth Management
651-466-7187
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