PNC Bank Corp. said it has completed its previously announced acquisition of New York money manager BlackRock Financial Management LP for $240 million of cash and notes.

PNC said the acquisition will be nondilutive and will boost its trust and mutual fund revenues by a fifth. These revenues totalled $292 million last year.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.