Monday, 22 September 2014
Last updated 15 min 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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