Bank of New York Mellon to pay $2.31 billion for PNC unit

February 03, 2010

CHARLOTTE, N.C. - Bank of New York Mellon Corp. said Tuesday it is acquiring the global investment servicing business of PNC Financial Services Group Inc. for $2.31 billion in cash. By buying the Wilmington, Del., business, BNY Mellon said, it will add $855 billion in assets under administration and become the second-largest provider of fund accounting, administration and transfer agency services. The business being acquired is known as Global Investment Servicing Inc., and it provides asset mangers and financial advisers with services such as custody, transfers and fund accounting.

- Associated Press

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