Thursday, 8 October 2015
Last updated 11 min ago
Feb 2 2010 | 12:57pm ET
The Bank of New York Mellon has agreed to buy PNC Financial Services’ asset-management back-office business, which brings with it nearly $2 trillion in mutual and hedge fund assets under administration.
BNY Mellon will pay $2.31 billion in cash for PNC Global Investment Servicing. The unit provides custody, accounting, transfer agency and outsourcing to asset managers, with 75 million accounts and $1.8 trillion in assets.
The deal includes $1.57 billion in stock purchases and repayment of intercompany debt. BNY Mellon is to raise $800 million in equity, and the acquisition is expected to close in the third quarter.
PNC had been shopping the unit for about six months, under pressure to pay off some $7 billion in government bailout money.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…