PNC Bank Corp., moving to bolster its money management business, has corralled its mutual fund managers, analysts, and other investment professionals into a single unit.
The new unit, PNC Investment Management and Research, will funnel financial information to the banking company's trust and retail investment counselors.
Asset-Allocation Portfolios for Customers
The counselors use the PNC family of mutual funds to build asset-allocation portfolios for customers.
The new unit of Philadelphia-based PNC is the result of two years of planning to give individual trust and retail customers access to investment expertise that was previously available only to large institutional investors, said Richard C. Caldwell, executive vice president of the unit.
Trust and employee benefit customers will receive the unit's services without additional charge, Mr. Caldwell said.
Branch customers with as little as $50,000 will also be able to use the program, with a retail rollout planned for later this fall.