Stage Is Set For PNC Bank To Spin Off Two Fund Units
MANAGEMENT & INFRASTRUCTURE
PITTSBURGH, Pennsylvania--Now that PNC Bank has consolidated all its money management operations under its New York-based subsidiary, BlackRock Financial, the regional bank holding company is also contemplating a spin-off of its mutual fund processing arm, PFPC Worldwide.
A spokesman for the bank acknowledged that the bank is considering spin-offs of both BlackRock and PFPC, but he stressed that no decision has been made. While the subsidiaries have businesses that overlap and the bank is
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