PFPC, the investment servicing subsidiary of PNC Bank Corp. of Pittsburgh, is poised for global growth, having completed the acquisition of First Data Investor Services Group., according to James Fox, vice chairman of PFPC.
PNC Bank Corp. completed the acquisition of First Data's Investor Services Group, the mutual fund servicing subsidiary of First Data Corp. of Westborough, Mass., late last year. The addition of ISG established PFPC as the largest full-service mutual fund transfer agent while significantly strengthening PFPC's position as a provider of mutual fund accounting services. The combined companies service a total of 33 million shareholder accounts, including 14 million full services accounts and 19 million on a remote basis as of March, 1999, according to PFPC. Its closest competitor, Boston Financial Services of Quincy, Mass., serviced 11.5 million on a full-service basis. Bolstering its position as the second largest fund accounting firm behind State Street Corp., PFPC grew from $212 billion in mutual fund assets to $287 billion with the acquisition.