PNC Global Investment Servicing, formerly known as PFPC, recorded earnings of $10 million during the first quarter, down 66.6 percent from the year-ago period, hurt by the continued downturn in the financial markets.

PNC Global generated servicing revenue of $205 million, or 14 percent below the year-ago level.

"The decreases were directly related to declines in equity market values and high redemption activity which resulted in both lower asset-based fees and account closures partially offset by increased subaccounting fees from continued client conversions," executives explained Thursday.

PNC provided accounting and administration services for $712 billion of net fund assets and provided custody services for $361 billion of fund assets as of March 31.  

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