Baird Advisors and Baird Investment Management added to their long record of disciplined investing and competitive results during 2013. Their consistency in managing assets, focus on quality investments and controlling risk, and depth of experience and responsiveness to clients all contributed to strong growth in their client base and assets under management. In addition, Baird's fixed income and equity products earned new "select list" recommendations from several well-known consultants and industry platforms, resulting in meaningful new business mandates during 2013.
In fact, while U.S. bond funds saw record withdrawals during 2013, Baird Advisors experienced a 17% increase in its bond fund assets. Its total fixed income assets under management crossed the $20 billion milestone at the end of 2013. Baird Investment Management's 57% increase in equity assets, to $1.4 billion, reflected strong growth in its mid-cap growth and small- and mid-cap value products. As a result, Asset Management's total assets increased 15% to $22.7 billion at year-end.
The senior portfolio managers at Baird Advisors, who have worked together for more than three decades, have driven the strategy and execution that is the foundation of the group's consistent, long-term performance. Similarly, Baird Investment Management's senior portfolio managers have a long track record of managing their respective strategies in mid-cap growth and small and mid-cap value. This continuity and longevity of our teams and investment strategies are essential to great outcomes. We also believe that service is an important component, and our senior portfolio managers are directly available to clients to provide perspective and advice.
In 2013, Baird Advisors transitioned a long-term sub-advisory relationship, totaling more than $1 billion in assets, to direct client relationships. Three professionals who had serviced these clients joined Baird Advisors in Chicago, expanding our capacity for future growth. Further, Baird's mid-cap growth strategy was selected as a sub-advisor for a mandate exceeding $500 million, which was funded in early 2014.
Broadening our product offerings continues to be a key priority for Asset Management. At year-end, Baird Advisors launched an ultra-short-term strategy focused on a bond portfolio with a duration of less than one year. Baird Investment Management enhanced its large-cap offering with a new sub-advisory relationship.
Baird Public Investment Advisors, which manages assets for municipalities and school districts, had assets of $1.1 billion at year-end. RiverFront Investment Group, an investment advisor in which Baird now holds a 40% minority investment, ended the year with $4.3 billion in assets under management.