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."

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