PFPC, a member of the PNC Financial Services Group, has promoted Sam Sparhawk IV as head of the custody and securities lending businesses of PFPC Trust Co.
In this role, Sparhawk will direct the operations of PFPC custody services, including recordkeeping, safekeeping and security processing, corporate actions, automated cash sweep and foreign exchange. Total assets under PFPC's custodial responsibility are approximately $347 billion.
In addition, Sparhawk oversees management of the securities lending program, which has more than $57 billion in lendable assets.
According to Stephen M. Wynne, chief operating officer PFPC, "Sam's remarkable industry insight and constant dedication to exceeding client expectations will serve him well in his new role. He embodies the expertise PFPC has in place to serve our customers today, while leading them securely into tomorrow." Sparhawk's promotion comes after the announced retirement of PFPC Trust Co. Chairman and Executive Vice President Joseph T. Gramlich, a 33-year PNC and PFPC veteran.
Sparhawk began his career with the PNC Financial Services Group in 1985 and most recently served as managing director of PFPC Trust Co. and senior manager of PFPC's custody services group. He has served on various Investment Company Institute and American Bankers Association committees and holds the Certified Securities Operations Specialist (CSOS) designation from the Institute of Certified Bankers.
PFPC services more than $1.4 trillion in total assets representing approximately 48 million shareholders.
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