PNC Buying Albridge Solutions

PCN Financial Services Group has agreed to acquire Albridge Solutions Inc., a Lawrenceville, N.J.-based provider of portfolio accounting and enterprise wealth management services. No financial terms were disclosed. Albridge Solutions raised $23 million in VC funding between 2000 and 2003, from firms like Boston Ventures, Charterhouse Group International, Desai Capital Management, Axiom Venture Partners, Hudson Venture Partners, ING Aetna Financial and Allianz Private Equity Partners.

 

PRESS RELEASE
The PNC Financial Services Group, Inc. (NYSE: PNC) announced today it has signed a definitive agreement to acquire Lawrenceville, N.J., – based Albridge Solutions Inc., a provider of portfolio accounting and enterprise wealth management services. Through relationships with 150 financial institutions and more than 100,000 financial advisors with assets under management that exceed $1 trillion, Albridge delivers an aggregate, single view of clients' assets along with robust performance reporting and analysis. Albridge will increase the offerings of PFPC Worldwide Inc., PNC's provider of global investment services.

 

“The Albridge acquisition enhances PFPC's leadership position and continues the transformation of PFPC's business model. In addition to its processing capabilities, PFPC is increasingly a provider of information services,” said James E. Rohr, chairman and chief executive officer, PNC.

 

Financial terms of the agreement were not disclosed. Subject to normal closing conditions and appropriate regulatory approvals, the acquisition is expected to close before the end of the first quarter of 2008. The acquisition is expected to be minimally dilutive in 2008 and turning accretive in 2009.

 

“Albridge extends PFPC's capabilities into the delivery of knowledge-based information services and our reach into the financial advisor market,” said Timothy G. Shack, chairman and chief executive officer, PFPC. “This acquisition creates synergies with many PFPC businesses, including our industry-leading subaccounting services, our transfer agency services and related AdvisorCentral portal and our ADVISORport managed account platform. It creates a combined client base of financial advisors, many in the rapidly growing independent channel, that represents an important distribution avenue for PFPC's asset manager and broker/dealer clients.”

 

Albridge provides financial advisors with consolidated client account information from hundreds of data sources, including mutual funds, managed accounts, banking, brokerage, insurance, retirement and more. Albridge's enterprise approach to providing a unified client view and performance reporting helps advisors build their client and asset base. Upon closing, the wealth of advisor information available from PFPC will provide asset managers and distributors with deeper insight into the advisor segments they are targeting.

 

“Albridge is pleased to join the PFPC organization,” said Greg Pacholski, president and chief executive officer, Albridge. “We share the same values, client focus and strategic roadmap for wealth management. PFPC, a trusted name in the global investment industry, provides integration opportunities for Albridge across its strong product mix, along with access to its diverse customer base and markets worldwide.”

 

PFPC is a leading provider of processing, technology and business solutions to the global investment industry. PFPC offers subaccounting, transfer agency, managed account, alternative investment, fund accounting, administration and custody services, representing over $2.5 trillion in total assets. Visit us at http://www.pfpc.com/.

 

The PNC Financial Services Group, Inc. (http://www.pnc.com/) is one of the nation's largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.