PNC Bank 2001 Annual Report Download - page 23

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3
PFPC
SHAREHOLDER
ACCOUNTS
SERVICED
(in millions)
fixed income manager, an increasingly
diverse mix of high-quality businesses
and a recognized commitment to
delivering superior investment
performance and exceptional service
to its clients, BlackRock enters
2002 well-positioned to build on
its record of achievement for clients
and shareholders alike.
Technology-driven, customized
solutions, a wide range of products and
services and strategic global expansion
continue to fuel the success of PFPC.
In 2001, PFPC strengthened its status
among the world’s largest providers of
services to the investment fund and retire-
ment services industry and now services
more than $1.5 trillion in total assets.
PFPC is the nation’s largest full-
service mutual fund transfer agent and the
second-largest provider of mutual fund
accounting and administration services.
PFPC is also a leading provider of retire-
ment, subaccounting, custody, alternative
investment and Blue Sky services.
To help solidify its leadership
position and enhance its ability to
drive continued growth, PFPC made
significant progress on several strategic
initiatives in 2001.
PFPC expanded its product base by
introducing a unique, full-service transfer
agency and shareholder accounting solu-
tion for brokerage-marketed products
and also enhanced services for the college
savings plan market.
Moreover, PFPC continued
to diversify its revenue stream by
expanding its international presence
and further penetrating the alternative
investments market.
With offices in Europe and the
Cayman Islands, PFPC doubled its inter-
national client base and now services
more than $20 billion in offshore assets.
Entering 2002, PFPC is focused
on leveraging the innovative applica-
tion of leading-edge technology to
continue creating customized client
solutions and developing a broader
global business base.
For example, greater use of
Internet-based services — like Web-
enabled 401(k) processing — will help
address the e-commerce needs of
clients. Two other recent initiatives
include AdvisorCentral.com — an
Internet portal for financial advisors
created and jointly owned by PFPC,
Fidelity Investments, Franklin
Templeton Investor Services, Inc.,
and Putnam Investments — and
AssetDirectionsSM, a Web-based
managed account platform.
This focused approach to antici-
pating customer needs, extending the
breadth of product lines and improv-
ing efficiency supports PFPC’s strategy
for continued growth.
21
*Reflects ISG
Acquisition