PNC to merge investment management shops

The PNC Financial Services Group Inc. will merge its Allegiant Asset Management Co. subsidiary with its PNC Capital Advisors Inc. affiliate on Sept. 29.
The new firm, which will have $37 billion in combined assets under management, will be named PNC Capital Advisors LLC.
Allegiant was a division of National City Corp., which was acquired by PNC on Dec. 31, 2008.
Kevin McCreadie, who has been chief executive officer of PNC Capital Advisors Inc. since 2004, will retain his position in the new organization.