PNC Financial Services Group Inc. has agreed to buy Albridge Solutions Inc., a Lawrenceville, N.J., provider of portfolio accounting and enterprise wealth management services.
The deal, announced Thursday, is expected to enhance the offerings of PFPC Worldwide Inc., a PNC unit that provides global investment services.
Albridge delivers a single view of clients' assets with performance reporting and analysis through relationships with 150 financial institutions and more than 100,000 financial advisers.
It provides advisers with consolidated client account information from hundreds of data sources, including mutual funds, managed accounts, and banking, brokerage, insurance, and retirement companies.
PFPC offers subaccounting, transfer agency, managed account, alternative investment, fund accounting, administration and custody services.
The deal is expected to close by the end of the first quarter.
