By Michael Dabaie

 

Federated Investors Inc. (FII) said it would acquire certain components of PNC Capital Advisors LLC's investment-management business from PNC Financial Services Group (PNC).

Federated will pay PNC an estimated total purchase price of $52 million when the transaction is completed, which is expected in the fourth quarter.

The proposed transaction includes the reorganization of PNC's liquidity, equity and fixed-income mutual funds into corresponding Federated mutual funds, the acquisition of a portion of PNC's separate account and separately managed account business, and the transition of a six-person international equity management team from PNC to Federated.

The deal includes about $9 billion in liquidity assets, $4.2 billion in equity assets and $700 million in fixed-income assets.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

May 07, 2019 08:32 ET (12:32 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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