PFPC has promoted Sam Sparhawk IV to head its custody and securities lending businesses at PFPC Trust Company. The duties opened with the retirement of 33-year PFPC veteran Joseph T. Gramlich who was PFPC Trust Company chairman and executive vice president.

Sparhawk has been an employee of PNC Financial, the parent of PFPC, since 1985 and retains his title of senior vice president at PFPC Trust. He now reports to Stephen M. Wynne, chief operating officer at PFPC.

Company officials said that Sparhawk will direct the operations of PFPC custody services, including recordkeeping, safekeeping/security processing, corporate actions, automated cash sweep and foreign exchange. Total assets under PFPC's custodial responsibility are approximately $347 billion. In addition, Sparhawk oversees management of the securities lending program, which has more than $57 billion in lendable assets.

"Sam's remarkable industry insight and constant dedication to exceeding client expectations will serve him well in his new role," said Stephen M. Wynne, chief operating officer, PFPC. "He embodies the expertise PFPC has in place to serve our customers today, while leading them securely into tomorrow."  

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