Saturday, 20 September 2014
Last updated 21 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.
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.