PNC Bank Corp. has hired an asset-allocation expert to develop new products for its mutual fund and trust businesses.
Stephen P. Utkus was named director of investment strategy for PNC Asset Management Group, the holding company for the Pittsburgh-based bank's registered investment advisers and investment service providers. He replaces Daniel Egan, who is now director of equity investments for the company's Provident Capital Management unit.
Mr. Utkus, a former Vanguard Group executive, will plot asset allocation strategies for the $61.2 billion-asset banking company, and help manage individual stock investment accounts.
He will also manage portions of PNC's balanced mutual funds and common trust funds - both of which comprise stock and fixed-income investments.
PNC has $96.5 billion of assets under management, including more than $10 billion in its Compass Capital Funds.
Mr. Utkus will report to Young D. Chin, chief equity officer for Philadelphia-based PNC Asset Management Group.