Sunday, 21 December 2014
Last updated 14 hours 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.
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.