One Year Ago…

PNC Bank Corp.’s $1.1 billion acquisition of First Data Investor Services Group pretty much solidified the regional banking company’s position as the second-largest outsourcer of mutual fund accounting and administration services. The deal, however, was a rather clear indication that the third-party processing market was consolidating at the same time that money managers had been looking to third parties to run their back offices. The transaction was expected to close sometime

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