BNY Mellon Said to Be in Talks for PNC Unit to Add Fund Clients
Friday, January 29, 2010 : PermalinkBloomberg – Bank of New York Mellon Corp is in talks to buy PNC Financial Services Group Inc.’s global investment-servicing unit for as much as $2.5 billion to add hedge-fund and mutual-fund clients, said a person familiar with the matter.
A final agreement hasn’t been reached, said the person, who declined to be identified because the discussions are private. The purchase would add about $2 trillion in assets administered for mutual funds and hedge funds to the $22.3 trillion New York- based BNY oversees.
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