PNC Advisors is selling nearly 40% of the assets under management in its ultra-high-net-worth unit to a private company being formed by some of its former executives.

The asset management arm of Pittsburgh's PNC Financial Services Group Inc. has just announced it has a deal to sell $6 billion of the $15.2 billion of assets managed by Hawthorn, the unit that caters to ultra-high-net-worth clients, which it defines as those with more than $20 million of investable assets. The deal is expected to close in late March.

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