When the Firstar Corporation of Milwaukee completes its acquisition of U.S. Bancorp of Minneapolis, the combined asset management unit will have approximately $50 billion in mutual fund assets under management, according to Strategic Insight of New York. So what can be expected once the merger is completed? Further expansion, according to Thomas Schreier, the asset management unit's newly-appointed CEO.
"I think we have some great advantages that can drive some substantial growth," said Schreier. "There are two core elements to what we want to accomplish. First, we need to service our existing clients in the same way we've done all along. Beyond that, there's no question that given our new size, we clearly have the scale for substantial growth.