Sunday, 29 November 2015
Last updated 1 day 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 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…