PNC Bank 2000 Annual Report Download - page 30

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FPC provides a wide range of global fund
services to the investment management
industry, including mutual funds, alterna-
tive investments and retirement plans.
This member of The PNC Financial
Services Group is the nation’s largest
full-service mutual fund transfer agent
and second largest provider of mutual
fund accounting and administration
services. PFPC now services $1.3 trillion
in total fund accounting and administra-
tion, transfer agency and custody assets
and is a leading provider of retirement,
custody, subaccounting and alternative
investment services.
By implementing a number of
initiatives to expand its reach and diversify
its revenue stream, PFPC has achieved
strong earnings growth and continues
to strengthen its leadership position in
servicing the funds marketplace.
The integration of Investor Serv i c e s
G r oup (ISG), which PFPC acquired in
December 1999, continued on schedule.
The addition of ISG greatly enhances
P F P C ’s transfer agency and re t i r e m e n t
s e r vices capabilities, and this acquisition
became accretive to PNC’s earnings in
the fourth quarter of 2000.
PFPC also continued its expansion
in the European market with the opening
of its Luxembourg office — and planning is
well underway to open a second office in
I reland in 2001. From its overseas s i t e s ,
PFPC provides accounting and administra-
tion for $9.4 billion in assets.
PFPC undertook other initiatives
to broaden its range of capabilities,
including acquiring Automated Business
Development Corp., a leading provider of
blue sky compliance services. PFPC also
leveraged its sophisticated technology
platform to enhance the innovative
solutions it offers clients.
In January 2001, PFPC signed a
nonbinding letter of intent with three
mutual fund providers, Fidelity Investments,
Franklin Templeton and Putnam Investments,
to create a multi-functional, Web-based
p o rtal for financial intermediaries. And
PFPC also introduced an electronic trade
i n t e r face system to help clients comply with
c o m p r essed settlement deadlines.
PFPC is well positioned to build
on the growth it has achieved. In 2001,
key areas of focus include enhancing
its Web-based products and services to
meet the needs of its growing client
base, furthering European expansion and
continuing the integration of ISG.
EUROPEAN EXPANSION
The opening of PFPC’s newest office — in
Luxembourg — is yet another step to strategically
position the business to capitalize on
the growth anticipated in Europe’s financial
services market. Luxembourg is a major
financial center catering to the offshore funds
marketplace. Luxembourg-based funds are
required to maintain their central administration
within the nation’s boundaries, a restriction that
offers growth opportunities for services firms with
local operations. The office complements
PFPC’s existing global fund servicing operations
in Dublin and Grand Cayman. Combined,
these operations provide accounting and adminis-
tration services for approximately
$9.4 billion in assets.
P
P F P C
28
SH A R E H O L D E R
AC C O U N T S
(in millions)
2.7
98 99 00
34.1*
42.5
*Increase reflects
ISG acquisition