PNC Bank Corp. is setting up a money management unit in Scotland in an effort to strengthen its expertise in picking foreign stocks.
The unit, CastleInternational, will serve as the Pittsburgh-based banking company's international equity management arm.
Currently, that function is handled by the bank's Philadelphia-based Provident Capital Management unit. Provident's role will be scaled back to picking domestic equities for numerous clients, including the bank's own proprietary mutual funds.
Pending approval from European regulators, which is expected sometime in March, Provident Capital will shift the control of nearly $1 billion in international assets to CastleInternational.
"This is an opportunity for PNC and our clients to augment our international equity capabilities," said Young D. Chin, chairman and chief executive of Provident Capital Management.
CastleInternational, based in Edinburgh, will be headed by two men who jumped from Dunedin Fund Managers Ltd., another Scottish money management firm.
Gordon Anderson will serve as CastleInternational's chief investment officer, overseeing a staff of 11 stock pickers. And Douglas A. Waggoner will direct marketing and client servicing from a Chicago office.
Meanwhile, Robert J. Christian stepped down as president and chief investment officer of PNC Asset Management, Philadelphia, the bank's primary money management unit, to join Wilmington Trust as senior vice president and chief investment officer.
Mr. Christian is responsible for all asset management at Wilmington Trust. He fills an opening created last November when senior vice president Peter J. Succoso left the $5.1 billion-asset banking company.
"At Wilmington Trust I will also have responsibility for some profit centers, including the mutual funds group and personal and institutional investment advisory services," Mr. Christian said. "That additional level of responsibility was very intriguing to me."
While PNC Asset Management searches for Mr. Christian's replacement, Mr. Chin will serve as its chief investment officer, a PNC spokesman said.
- Scott Hensley contributed to this report