The company says the name change will take effect from March 31st and will "sharpen focus on the firm's business as an asset manager with a proven investment process that creates high-quality performance and products for its clients and shareholders".
The name is also intended to forge a stronger link between the asset manager and its Lipper mutual fund family, First American Funds, and a new logo featuring George Washington's image will be launched as part of the rebranding.
US Bancorp Asset Management CEO and president of First American Funds, Tom Schrier, announced the name change and claimed that it precisely positions the company as a "focused asset management firm that competes effectively in retail and institutional markets".
"While the name is changing, FAF Advisors will continue to be the same principled, proven, performance-driven, asset manager it has always been," he added.
FAF Advisors will remain a subsidiary of US Bank and continue to work closely with its partners throughout US Bancorp. Minneapolis-based US Bancorp Asset Management has around $90 billion of assets under management.