U.S. Bancorp, the eighth-largest U.S. bank, said on Thursday that four of its mutual fund portfolio managers have left the firm, Reuters reports.

The managers were let go Monday after refusing an offer to relocate from Milwaukee to the firm’s headquarters in Minneapolis, manager John Potter told Reuters. Potter and Tom Eck co-managed the $1.21 billion First American Small-Cap Select fund, which posted a 44.2% return in 2003, according to fund research firm Morningstar of Chicago.

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