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Rating:Is Allegiant's Parent Ready for a Deal? Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, October 09, 2008

Is Allegiant's Parent Ready for a Deal?

by: Erin Kello

Allegiant Funds' parent may be ready to make a deal. The WSJ reports that National City bank has begun exploring a possible sale. The pub lists two possible bidders for the company, PNC Financial Services Group and Bank of Nova Scotia.

While PNC does not have funds of its own, it does have a larger back-office servicing operation formerly known as PFPC. Bank of Nova Scotia, also known as ScotiaBank, just picked up a 37 percent stake in CI Financial Income Fund from Sun Life for $2.3 billion. (see MFWire October 7, 2008)

Allegiant has 15 no-load funds with $4.04 billlion in assets, according to Morningstar. 

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