Saturday, 25 October 2014
Last updated 22 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.