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.