MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, April 23, 2009 A Fund Servicer Sees its Q1 Earnings Slide 66 Percent 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. Printed from: MFWire.com/story.asp?s=21372 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |