Friday, 19 December 2014
Last updated 14 hours ago
Jan 29 2010 | 9:50am ET
Bank of New York Mellon Corp. is in talks to buy PNC Financial Services Group’s asset management back-office business, which brings with it nearly $2 trillion in mutual and hedge fund assets under administration.
BNY Mellon would pay almost $2.5 billion for PNC Global Investment Servicing, which boasts 75 million accounts and $1.8 trillion in assets, The Wall Street Journal reports. PNC, which is under pressure to pay off more than $7 billion in government bailout money, has been shopping the unit for about three months.
The deal could be announced as soon as next week, according to the Journal.
BNY Mellon already administers $22.3 trillion in assets, making it the largest custodian in the world.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.