Strategy
PNC drops "Advisorport" Brand for "Managed Investments"
PNC's Global Investment Servicing (GIS) unit has renamed Advisorport, its third-party investment-management platform and managed-account middle- and back-office provider, as PNC Managed Investments.
"As PNC awareness continues to grow among the key
investment-advisory markets we serve, this is an opportune time
for us to adopt the PNC brand," says A.J. Harper, president, PNC
Managed Investments. "By incorporating PNC into our name,
financial and investment advisors will associate the essential
qualities of scale, investment expertise and customization of the
PNC brand with our business unit."
"PNC awareness" presumably got a boost late last year when the
Pittsburgh-based bank acquired Cleveland-based National City in
an all-stock transaction. (In the run-up to th deal several US
legislators - including 2008 Democratic presidential nomination
Dennis Kucinich - said the US Treasury Department forced the Ohio
bank to accept PNC's low-ball offer against it will. This
contention seems to have been borne out by court documents
released early in 2009.)
PNC's GIS unit, formerly PFPC, acquired investment-platform
provider Advisorport from its founders in 2003.
PNC Managed Investments provides investment services to
broker-dealers, banks, trust companies, money managers, insurance
companies and wealth-management RIAs across 400,000 accounts
worth $88 billion.
