, PNC Bank Corp.
's investment management subsidiary, today filed a registration statement with the Securities and Exchange Commission (SEC) for an initial public offering of its common stock.
PNC Bank (PNC) will retain a majority ownership position in the publicly-traded firm, which will remain a core
business of PNC Bank. The planned offering will be managed by Merrill Lynch & Co. and other underwriters to be determined.
Total assets under management at BlackRock currently exceed $140 billion. BlackRock offers equity, liquidity, fixed-income and alternative investment products through a variety of sales channels including the BlackRock family of mutual funds. BlackRock also provides risk management advisory services with respect to more than $400 billion of assets managed by clients.
"Since PNC's acquisition of BlackRock in 1995, the partnership between our companies has been highly successful, and this action reinforces our commitment to the investment management business," said Thomas H. O'Brien
, chairman and chief executive officer of PNC Bank, in a prepared statement. "Our fundamental goal is for each of our businesses to be a clear leader in its industry. We believe that this offering will help PNC realize the value of the BlackRock franchise, while providing BlackRock with independent access to capital."
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