PFPC Worldwide, the pooled investment products and mutual fund administration, transfer agency and back office servicing unit of PNC Bank Corp. in Pittsburgh, has agreed to purchase First Data Investor Services Group for $1.1 billion in cash. Investor Services Group is the investment product servicing arm of First Data Corp. of Atlanta, one of the largest electronic payment and processing services companies. PFPC is based in Wilmington, Del.

The deal, expected to close in the fourth quarter of this year, will create a bigger and stronger fund and retirement plan processing and servicing company, said James L. Fox, current president of First Data Investor Services Group.

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