PNC Bank Corp. (PNC) today announced that it has completed the acquisition of
First Data Investor Services Group (ISG) for $1.1 billion in cash, which will now be integrated with
PFPC, PNC's fund services subsidiary.
The combination of the two fund servicing companies makes PFPC the nation's largest full-service mutual fund transfer agent, as well as the second largest full-service provider of mutual fund accounting services, according to PNC. The acquisition also adds retirement plan servicing and distribution services to PFPC's operations.
ISG and PFPC will continue to be run out of their respective offices, according to a company spokesperson, and the impact on staffing will be minimal. Staffing will continue to be assessed going forward.
The integrated PFPC unit will continue to be headed by J.
Richard Carnall, chairman, as well as
Vincent Ciavardini, president and
Jim Fox who headed ISG and will now be vice-chairman of PFPC. 
Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE