Federated Investors to Acquire Investment-Management Assets From PNC
May 07 2019 - 8:47AM
Dow Jones News
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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