Peter Torvik is VP and head of marketing and product development for U.S. Bancorp Asset Management, formerly U.S. Bancorp Piper Jaffray Asset Management, and is responsible for marketing its First American Funds family. Before joining U.S. Bancorp, he was president of DPG Group, an affinity marketing and hedge fund distribution firm. In February, U.S. Bancorp announced a merged with Firstar Corp. When the acquisition was completed in September, the firm merged the First American Funds and the Firstar Funds. Mutual Fund Market News discussed marketing the combined fund family with Torvik, as well as the key aspects of selling funds with a bank as a parent corporation. An edited account of his conversation with Andrew Brent follows.
MFMN: The First American Funds family is the fifth-largest bank-affiliated mutual fund complex in the country. How does marketing and selling mutual funds as a bank differ from that of other investment managers?