BNY Mellon has completed its acquisition of PNC’s Global Investment Servicing business, a provider of custody, fund accounting, transfer agency and outsourcing solutions for asset managers and financial advisers.
The addition of GIS is part of BNY Mellon’s strategy to continue to broaden and deepen its product set, add scale to its growth businesses, and enhance its position supporting fund managers and financial advisers across several business lines.
"With GIS we have acquired a highly complementary business with a motivated and talented workforce that significantly strengthens our service offering and our market share with asset managers and financial advisors," says Gerald Hassell, president of BNY Mellon. "This transaction is central to our ongoing strategy for growth within the US and across Europe, adding further scale and expertise in these key geographies as we continue to support our clients in capitalizing on the opportunities that will help them to achieve their present and future business goals."
The GIS transaction doubles the number of funds serviced for accounting and administration. It makes BNY Mellon the number two provider in fund accounting, administration and transfer agency globally and number one in mutual fund sub-accounting services for broker-dealers.
The purchase price was USD2.31bn. The all-cash acquisition is expected to be accretive in the first year.