Magazine article American Banker

Deal to Help PFPC in the Adviser Market

Magazine article American Banker

Deal to Help PFPC in the Adviser Market

Article excerpt

Executives at PFPC Worldwide Inc. said they expect the pending acquisition of a New Jersey data aggregator to turn the PNC Financial Services Group Inc. unit into a more extensive resource for advisers.

"This acquisition changes our business model," Steven M. Wynne, PFPC's president, said in an interview last week. "It transforms us from a processor of investment services to an information provider."

The unit has functioned mainly as a back-office technology provider for brokerage firms. But PNC announced Thursday that it had an agreement to acquire Albridge Solutions Inc., a Lawrenceville, N.J., provider of aggregated views of clients' assets along with performance reporting and analysis. PNC would merge Albridge with PFPC.

Albridge also supplies advisers with consolidated client account information from hundreds of data sources, including mutual funds, managed accounts, and banking, brokerage, insurance, and retirement companies.

Thomas P. Sholes, senior vice president and senior managing director in PFPC's global product management group, said these services will allow PFPC to broaden its reporting capabilities, especially to advisers.

"From both an adviser level and a distributor level, we provide a lot of products to broker-dealers, but this might be the first time that advisers and distributors see that we offer more that just processing services," Mr. Sholes said. "This is a change for them to look at PFPC as a multifaceted provider."

Mr. Wynne said: "This acquisition pushes us aggressively into the distribution space with the financial advisers. We find ourselves now in a pretty unique position to cross over into both worlds and offer a broad array of services to product manufacturers and product distributors."

PFPC provides fund accounting and administration, transfer agency, custody, and subaccounting for client accounts totaling $2. …

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