PNC Bank 2002 Annual Report Download - page 21

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19
As the nation’s largest
full-service mutual
fund transfer agent and
second largest provider
of mutual fund
accounting and admin-
istration services, PFPC
helped its clients navi-
gate challenging market
conditions in 2002.
PFPC remains committed to
building upon its role as a lead-
ing provider of technology and
servicing solutions for the
global investment industry.
A competitive advantage lies
in proprietary technology, full-
service capabilities, and strong
relationships with both mutual
fund distributors and manufac-
turers. PFPC has also embarked
on a clear systems strategy to
create an open, flexible, and
scalable architecture platform
to speed time-to-market for new
products and applications, and
to leverage existing capabilities
and integration opportunities.
These efforts should help
to further enhance our reputa-
tion as a leading provider of
customized fund servicing
solutions.
PFPC is also taking tangible
steps to improve efficiency by:
consolidating certain operating
facilities; streamlining fund
accounting technology; improv-
ing supply chain management;
and leveraging PNC facilities,
information technology, and
security infrastructure.
We’re working to create
value by continuing to improve
efficiencies and leveraging
our technology and product
capabilities to attract and
retain a profitable client base,
specifically in our core share-
holder servicing and investment
accounting businesses.
These strategies are already
beginning to take hold. We
expect new business won and
contract extensions signed last
year to help us restore sales
momentum in 2003. And we
expect to achieve expense savings
of roughly $40 million this year.
PFPC
•PFPC significantly improved
efficiency in calculating client
tax ramifications by automating
fund “wash” sales
•Over 170,000 shareholders
benefited from PFPC
supporting their 529-plan
college savings accounts
•PFPC launched one of the
first unified managed account
platforms offering the ability to
make transactions and monitor
performance of separate
account, variable annuity, and
mutual fund wrap products