Global Investment Servicing from PNC
In the amount of $2.31 billion in cash, BNY Mellon said it will be buying Global Investment Servicing Inc. from Pittsburgh-based PNC Financial Services Group Inc. This is Pittsburgh’s first and third largest bank: PNC and BNY.
This group employs almost 4,500 people worldwide and it is based in the beautiful state of Wilmington Delaware. For asset managers and financial advisors, it provides many services that include custody, fund accounting, transfer agency and outsourcing. Even with this change the remaining CEO of Global Investment Servicing will be Stephen Wynne. He will from now on be report to Jim Palermo and Tim Keaney. These men are both the co-heads of BNY Mellon Asset Servicing and have done a fantastic job.
As an added piece of this purchase, New York City-based BNY Mellon (NYSE:BK) has future plan to raise much as $800 million in equity. In regard to approvals of the regulatory, they feel it will take until the third quarter of the year before it is completed. Robert Kelly added, “While delivering attractive returns to our shareholders, this acquisition significantly strengthens our service offering and market share with asset managers and financial advisors.”
