PNC's Fund Servicer Puts 4 in Top 'Office'
PFPC Worldwide, the mutual fund servicing arm of Pittsburgh-based PNC Bank Corp., has created an office of the chairman to handle the responsibilities of its president and chief executive, who resigned last week.The four-member office comprises James L. Fox, vice chairman; John J. Andaloro, chief administrative officer; Stephen Wynne, executive vice president; and Robert Guillocheau, executive vice president. They report to PFPC chairman E.J. Carnall and will have responsibility for global funds services, including administration, accounting, transfer agency, and securities lending at the Wilmington, Del., company.
Vincent Ciavardini, who had been president since 1992, left the company last week, citing personal reasons.
PFPC, which services $346 billion of fund assets, remains positioned for "aggressive growth," Mr. Carnall said.
The unit expanded its reach last month with the $1.1 billion acquisition of First Data Investors Services, and executives have talked about a public offering, as PNC did in October with Blackrock Inc., its mutual fund arm.
- Karen Talley
CPA Group Chooses Fidelity Services Unit
Fidelity Investments and the American Institute of Certified Public Accountants said Tuesday that the Boston-based fund company will be the exclusive provider of custody, clearing, and brokerage services for the professional association's members.Members of the accountants' association will execute customers' orders through Fidelity, said Robert Mazzarella, president of Fidelity Investments Institutional Brokerage Group. This unit supplies correspondent clearing services to 184 institutions, including banks.
Fidelity, which has more than $40.2 billion of assets under custody, will also offer certified public accountants access to its supermarket of more than 4,500 funds, a toll-free number for support, and a customized guide for association members who are interested in becoming investment advisers, Mr. Mazzarella said.
The agreement came as certified public accountants are increasingly seeking to give investment advice to clients. Only about 9,500 of the association's estimated 330,000 members currently offer this service, a spokesman said.
- Cheryl Winokur