BNY Mellon has completed its acquisition of PNC's Global Investment Servicing for $2.31 billion in an all-cash deal that will double the number of funds serviced for accounting and administration.

PNC provides custody, fund accounting, transfer agency and outsourcing services for financial advisors and other clients.

The deal makes BNY Mellon the second largest provider in fund accounting, administration and transfer agency globally and the biggest in mutual fund sub-accounting services for broker-dealers.

The firm has been making a number of key purchases as well as hires for its wealth management operation in recent weeks. For example, it has made its first ever wealth management acquisition in Canada with the purchase of Toronto-based I3 Advisors, the independent wealth strategy company.