Wealth management

BB&T Fund Unit Picks PFPC Back Office

Published May 02, 2007, 1:00 a.m. EDT

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Updated May 01, 2007, 3:45 p.m. EDT

1 Min Read

PFPC Worldwide Inc. announced Tuesday that it will supply back-office services to BB&T Asset Management Inc.'s mutual funds.

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The Wilmington, Del., unit of PNC Financial Services Group Inc. is to serve the BB&T Funds and BB&T Variable Insurance Funds, a family of 30 portfolios with 65,000 shareholder accounts and $5.5 billion of assets. The portfolios include equity, fixed-income, money market, variable insurance, and fund of funds strategies.

PFPC is to supply fund accounting, transfer agency, financial and regulatory administration, and distribution services. It also is to offer chief compliance officer support services. BB&T Asset Management is a Raleigh, N.C., subsidiary of BB&T Corp. in Winston-Salem.

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