Bank of New York Mellon is in talks to acquire the investment servicing unit of PNC Financial Services for as much as $2.5 billion to attract hedge fund and mutual fund clients, Bloomberg reports.

The deal would represent $2 trillion in assets under administration and comes at a time when custodians are entering the M&A market to take advantage of banks looking to raise assets in the wake of the financial crisis. In December, State Street Corp. signed a purchase agreement with Intesa Sanpaolo for its securities servicing unit for $1.79 billion.

BNY Mellon and PNC declined to comment.

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