BNY Mellon completes PNC acquisition
02 July 2010 New York
Image: Shutterstock
BNY Mellon has completed its acquisition of PNC's Global Investment Servicing (GIS) business, a provider of custody, fund accounting, transfer agency and outsourcing solutions for asset managers and financial advisers.
The addition of GIS's extensive capabilities is part of BNY Mellon's strategy to continue to broaden and deepen its product set, add scale to its growth businesses, and enhances its leadership position supporting fund managers and financial advisors globally across several business lines.
"With GIS we have acquired a highly complementary business with a motivated and talented workforce that significantly strengthens our service offering and our market share with asset managers and financial advisers," said Gerald Hassell, president of BNY Mellon. "This transaction is central to our ongoing strategy for growth within the US and across Europe, adding further scale and expertise in these key geographies as we continue to support our clients in capitalising on the opportunities that will help them to achieve their present and future business goals."
The GIS transaction doubles the number of funds serviced for accounting and administration. It makes BNY Mellon the number two provider in fund accounting, administration and transfer agency globally and number one in mutual fund sub-accounting services for broker-dealers. In addition, it elevates BNY Mellon to number two worldwide and doubles its European asset base in alternative investment services and further expands the managed account platform.
The addition of GIS's extensive capabilities is part of BNY Mellon's strategy to continue to broaden and deepen its product set, add scale to its growth businesses, and enhances its leadership position supporting fund managers and financial advisors globally across several business lines.
"With GIS we have acquired a highly complementary business with a motivated and talented workforce that significantly strengthens our service offering and our market share with asset managers and financial advisers," said Gerald Hassell, president of BNY Mellon. "This transaction is central to our ongoing strategy for growth within the US and across Europe, adding further scale and expertise in these key geographies as we continue to support our clients in capitalising on the opportunities that will help them to achieve their present and future business goals."
The GIS transaction doubles the number of funds serviced for accounting and administration. It makes BNY Mellon the number two provider in fund accounting, administration and transfer agency globally and number one in mutual fund sub-accounting services for broker-dealers. In addition, it elevates BNY Mellon to number two worldwide and doubles its European asset base in alternative investment services and further expands the managed account platform.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
