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.
