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.
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