PNC Bank Corp. last week said it will consolidate asset management capabilities under Blackrock Financial Management, the fixed-income manager it acquired in 1995. Blackrock will now be known as Blackrock Inc., a PNC spokesman said.
Under the integration, which will take several months, all of PNC's fixed-income, domestic and international equity, and liquidity management units will adopt the Blackrock name.
PNC's retail mutual fund family, the Compass Capital Funds, has already taken the name, the spokesman said.
Provident Capital Management, PNC Equity Advisors, Castle International Asset Management, and PIMC Institutional Management will all follow suit, he said. The reorganization will combine $108 billion of assets under one brand.
All the units will report to Laurence D. Fink, chairman and chief executive officer of Blackrock, and investment professionals within the unit will take a 20% equity stake, the spokesman said. The move is designed to simplify PNC's image in the market, he said. "Blackrock is a very highly regarded investment manager," he added.
Pittsburgh-based PNC paid $240 million for Blackrock in March 1995.