PNC Financial Services Group Inc. said Friday it would create a new investment advisor called Veritable, LP, comprised of PNC Advisors executives. To start it up, the $6 billion consulting arm of PNC's Hawthorn unit will be sold to Veritable, which will be privately held.
The move constitutes a 40% selling off of the $15.2-billion Hawthorn unit, although PNC said it would "continue to invest in and grow the ultra high net worth segment of its business via its Hawthorn unit."
Veritable will give clients access to PNC Advisors' trust, custody and banking services and also some new consulting services.
Pittsburgh-based PNC said Veritable will be located outside of Philadelphia.