PNC's Deal To Buy First Data Solidifies Its Position In Market
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PITTSBURGH--PNC Bank Corp.'s $1.1 billion acquisition of First Data Investor Services Group will solidify the regional banking company's position as the second largest outsourcer of mutual fund accounting and administration services. But the deal is a clear sign that the third-party processing market is consolidating at the same time that money managers are looking to third-parties to run their back offices.
It's expected that the transaction will close in the fourth quarter.
PNC's PFPC Worldwide
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