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PNC Financial Services Buys Wealth Management Services Company

Pittsburgh-based PNC Financial Services is to buy New Jersey-based Albridge Solutions, a provider of portfolio accounting and wealth management services, to broaden the offerings of PFPC Worldwide, a PNC business unit that provides investment services. Albridge provides consolidated client account information from multiple data sources including mutual funds, managed accounts banking, brokerage, insurance and retirement. It works with 150 financial institutions and more than 100,000 financial advisors whose assets under management exceed $1 trillion. Financial terms were not disclosed.