Nine months after its parent was purchased by PNC Financial,
Allegiant Asset Management will merge with
PNC Capital Advisors Inc. to form a new entity called
PNC Capital Advisors LLC.
John Abunassar, president of Allegiant, is leaving the company, PNC spokesman Alan Aldinger told
The MFWire.
The merger is set to occur on or about September 29.
Kevin McCreadie, PNC Capital's CEO since 2004, will retain his post in the combined organization, which will have a total of $37 billion of AUM.
The fate of other high-level Allegiant executives is not immediately clear. It's "still being determined" what roles they will play in the combined entity, Aldinger said.
Company Press Release
PITTSBURGH – The PNC Financial Services Group, Inc. (NYSE: PNC) has
announced its intention to merge Allegiant Asset Management Company with
its affiliate, PNC Capital Advisors, Inc. on or about Sept. 29, 2009 to
form PNC Capital Advisors, LLC.
Allegiant was a division of National City Corporation, which was
acquired by PNC on Dec. 31, 2008.
The new registered investment advisor will have a combined $37
billion in assets under management and offer a wide array of financial
products, including large-cap, mid-cap, small-cap and international
equities, taxable and municipal fixed income with broad distribution
channels through banks, direct institutional and third party
broker-dealers.
Kevin McCreadie, who has been chief executive officer of PNC Capital
Advisors, Inc. since 2004, will retain his position in the new
organization.
Allegiant currently manages the Allegiant Funds and the Allegiant
Advantage Fund. On Sept. 30, PNC Capital Advisors, LLC will begin acting
as investment advisor and co-administrator to both.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the
nation’s largest diversified financial services organizations providing
retail and business banking; residential mortgage banking; specialized
services for corporations and government entities, including corporate
banking, real estate finance and asset-based lending; wealth management;
asset management and global fund services.
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