Bank of New York Mellon scoops up PNC Financial Services in cash deal

Bank of New York Mellon Corp. says it is acquiring the global investment servicing business of PNC Financial Services Group Inc. for $2.31 billion in cash.
MAR 08, 2010
Bank of New York Mellon Corp. says it is acquiring the global investment servicing business of PNC Financial Services Group Inc. for $2.31 billion in cash. BNY Mellon says it will pay $1.57 billion for the business' stock and intercompany debt. It will raise $800 million in equity as part of the deal. The deal will close in the third quarter, pending approval by regulators. BNY Mellon says the acquisition will add to its profit immediately. By buying the Wilmington, Del., business, BNY Mellon says it gains $855 billion in assets under administration and becomes the second-largest provider of fund accounting, administration and transfer agency.

Latest News

Advisor moves: Raymond James and LPL add veteran teams in Ohio and Pennsylvania
Advisor moves: Raymond James and LPL add veteran teams in Ohio and Pennsylvania

A four-advisor group from UBS joins Raymond James in Beachwood while a 36-year Cetera veteran moves his $390 million practice to LPL.

RIA moves: succession, scale and new markets drive four deals
RIA moves: succession, scale and new markets drive four deals

Bluespring, Robertson Stephens, Cetera and Aprio each close acquisitions as independent advisory firms weigh their next chapter.

Beacon Pointe buys $637M ACT Wealth in bet on airline pilot clients
Beacon Pointe buys $637M ACT Wealth in bet on airline pilot clients

The $71 billion firm’s latest tuck-in lands as middle-market sellers face rising buyer selectivity and steeper equity demands.

Harbor Capital funds sue ZoomInfo over alleged $1.2B insider stock dump
Harbor Capital funds sue ZoomInfo over alleged $1.2B insider stock dump

Executives allegedly sold while key revenue metric was inflated.

Vanderbilt Securities 'discharges' Philly area advisor facing excessive trading claims 
Vanderbilt Securities 'discharges' Philly area advisor facing excessive trading claims 

The advisor, Gregory W. Ricker, started his career in the securities industry in 1995.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor