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Tuesday, February 09, 2010

Two Fund Families are Now One

Reported by InvestmentWires Staff, 

Last September, PNC Financial merged Allegiant Asset Management with PNC Capital Advisors to form PNC Capital Advisors LLC. This week, the union of the PNC and Allegiant fund families became complete, PNC spokesman Fred Solomon told The MFWire.

The combined fund family, which carries the PNC Funds brand, has $31 billion of assets across 33 mutual funds.

The completion of the fund merger came a little over a year after PNC Financial acquired Allegiant's parent, National City, in December 2008.

Kevin McCreadie, as reported by The MFWire last September, is president of PNC Capital Advisors LLC.

The PNC Funds are distributed by Professional Funds Distributor, LLC. The funds are sold through banks, direct institutional and third party broker-dealers.

PNC Global Investment Servicing, which is in the process of being purchased by Bank of New York Mellon, provides fund administration, accounting and transfer agency services. PFPC Trust Company is the custodian, Deloitte & Touche LLP serves as the funds' independent registered public accounting firm, and Drinker Biddle & Reath LLP serves as legal counsel.
Company Press Release

PITTSBURGH, Feb. 8, 2010 – The reorganization of Allegiant Funds and PNC Funds into a single fund complex, under the PNC Funds name, has been completed, it was announced today.

The move combines the two fund families into one $31-billion fund complex, advised by PNC Capital Advisors, LLC. The merger was previously approved in December 2009, by shareholders of Allegiant Funds and PNC Funds. The complex offers 33 mutual funds across a broad range of choices – domestic and international equity, taxable and tax-exempt fixed income and money market portfolios. The Funds are distributed through banks, direct institutional and third party broker-dealers by Professional Funds Distributor, LLC, of King of Prussia, Pa. Current performance information for the funds is available through the fund web site at www.pncfunds.com. For more information, clients may call the shareholder services line at 800-622-FUND (3863).

PNC Capital Advisors, LLC was formed on Sept. 29, 2009 when PNC Capital Advisors, Inc. and its affiliate, Allegiant Asset Management Company, each merged into and with PNC Capital Advisors, LLC. PNC Capital Advisors, LLC is an SEC-registered investment advisor and a subsidiary o The PNC Financial Services Group, Inc.

The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation’s largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.
 

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