Jonathan Firestein Named Head of Private Capital for Ascent Private Capital Management of U.S. Bank

SAN FRANCISCO (Aug. 29, 2011) – U.S. Bank, a leading provider of wealth management and private banking services, announced today that Jonathan Firestein has been appointed the head of private capital for Ascent Private Capital Management of U.S. Bank, a unit of U.S. Bank’s Wealth Management Group that serves ultra high net worth clients with more than $25 million in individual or family wealth.

Firestein will lead the effort to construct the private capital investment platform for Ascent clients, including global investment strategies in venture capital, buyouts, private debt, real estate and real asset investment funds. He will also build the “impact” investment platform for Ascent clients, identifying global opportunities for clients to pursue investment opportunities with social and environmental impact as well as potential financial returns. Firestein will report to Kurt Silberstein, Ascent’s head of alternative investments.

“Jonathan’s previous experience in leading the construction of a global private capital investment platform and his focused experience in private equity make him well suited for this position,” Silberstein said. “Additionally, his background in economics provides him with a macro-economic perspective to guide the selection of private capital investment opportunities.”

Firestein brings more than 14 years of investment and business development experience to the Ascent investment team, including extensive experience in leveraged buyouts. He previously served as director of research for Wells Fargo Family Wealth and as a senior associate at Rigel Associates, a California-based private equity firm. Firestein earned a Masters of Science degree in economics and a Masters of Business Administration from Arizona State University. He graduated from the University of Arizona with a Bachelor of Arts degree in economics.

Firestein joined Ascent on August 8, 2011, and will work at the U.S. Bank office located at One California Street in San Francisco.

About Ascent Private Capital Management

Ascent Private Capital Management helps individuals and families with $50 million or more in net worth make an impact with their wealth by providing highly personalized tactical wealth management (wealth planning, investment management, trust and estate, private banking and family office advisory) and strategic wealth management (family education and communication, preparation of heirs, family governance and philanthropy). For more information, visit ascent.usbank.com.


About the U.S. Bank Wealth Management

U.S. Bank Wealth Management offers comprehensive wealth management services, including wealth planning, investment management, trust and estate services, and private banking, for individuals, families, and their foundations through three distinct service models. Ascent Private Capital Management (ascent.usbank.com) serves clients with $50 million or more in net worth; The Private Client Reserve (reserve.usbank.com) serves clients with $3 million or more in net worth; and The Private Client Group serves affluent clients with more than $100,000 of investable assets.

About U.S. Bank

U.S. Bancorp (NYSE: USB), with $321 billion in assets as of June 30, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,086 banking offices in 25 states and 5,086 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.

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 and insurance products are:

Not a Deposit  Not FDIC Insured  Not Guaranteed by the Bank 
May Lose Value  Not Insured by Any Federal Government Agency 

Insurance products, including annuities, are available through U.S. Bancorp Insurance Services, LLC, U.S. Bancorp Investments, Inc., in Montana: U.S. Bancorp Insurance Services of Montana, Inc., and in Wyoming: U.S. Bancorp Insurance & Investments, Inc. All are licensed insurance agencies and subsidiaries of U.S. Bancorp and affiliates of U.S. Bank. Insurance and annuity policies are underwritten by unaffiliated insurance companies and may not be available in all states. California Agency #OE24641. U.S. Bank is not responsible for and does not guarantee the products, services, or performance of its affiliates.

Alternative investments, such as those mentioned above, very often use speculative investment and trading strategies. There is no guarantee that the investment program will be successful. Alternative investments are designed only for investors who are able to tolerate the full loss of an investment. These products are not suitable for every investor even if the investor does meet the financial requirements. It is important to consult with your investment professional to determine how these investments might fit your asset allocation, risk profile, and tax situation. Hedge funds are speculative and involve a high degree of risk. An investment in a hedge fund involves a substantially more complicated set of risk factors than traditional investments in stocks or bonds, including the risks of using derivatives, leverage, and short sales, which can magnify potential losses or gains. Restrictions exist on the ability to redeem units in a hedge fund. Investments in private equity are illiquid by nature and typically represent a long-term binding commitment. The investments made by private equity funds are not readily marketable and the valuation procedures for these positions are often subjective in nature. Investments in real estate securities can be subject to fluctuations in the value of the underlying properties, the effect of economic conditions on real estate values, changes in interest rates, and risks related to renting properties (such as rental defaults).
 

 Deposit products offered by U.S. Bank National Association. Member FDIC.

Credit products are subject to normal credit approval.

Investment products, including shares of mutual funds, are not deposits or obligations of, or guaranteed by U.S. Bank or any of its affiliates, nor are they insured by the Federal Deposit Insurance Corporation, or any other government agency. An investment in such products involves investment risk, including possible loss of principal.

U.S. Bank is not responsible for and does not guarantee the products, service or performance of its affiliates and third party providers.

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

Wealth Impact Planning services are not fiduciary in nature, and Ascent serves in a non-fiduciary role when providing these services.

To the extent Ascent or other divisions of U.S. Bank have investment management or fiduciary administration responsibilities over your accounts under separate agreements, the scope of those agreements shall not be affected as a result of information you provide to Ascent or to which Ascent has access as part of its Wealth Impact Planning services.

Wealth Impact Planning services may include Wealth Dynamics coaching services in order to facilitate your self-assessment of Wealth Impact Planning issues. These services are not psychological or counseling services. Ascent does not engage in the practice of psychology.