PNC Bank 2003 Annual Report Download - page 22

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In addition, expanded marketing capa-
bilities helped support strong growth in
mutual fund assets raised through third
party intermediaries and our direct
institutional efforts.
BlackRock entered 2004 with a
high caliber team, a broad array of
products with strong track records, and
well-balanced distribution capabilities,
all of which will help the firm capital-
ize on its strong momentum and create
value for clients and shareholders alike.
PFPC
PFPC is a pioneer and leader in
the global funds servicing industry.
With a more than 30-year track
record of innovative client solutions,
PFPC stands as one of the largest
providers of mutual fund transfer
agency and fund accounting and
administration services.
system outsourcing assignments. The
cumulative effect of these achieve-
ments was a 16% increase in diluted
earnings per share to $2.36.
BlackRock’s success in 2003
reflected increasing diversification of
its product and distribution capabili-
ties. Growth was achieved not only
in the firm’s traditional domestic
bond products, but in global bond
products as well, which more than
doubled during the year. Domestic
equities, alternative assets and
BlackRock Solutions®also increased, as
we began to capitalize on investments
made over the past two years.
Similarly, the firm maintained its
strong presence among U.S. pension
plans and other tax-exempt investors,
while substantially increasing assets
under management for insurance com-
panies and international institutions.
sacrificing our commitment to excep-
tional client service. Not only was
broker productivity at Hilliard Lyons
up by 20 percent, we also identified
roughly $20 million in cost reductions
across PNC Advisors.
The momentum we have built in
this business, when combined with our
experienced team, strong product set
and extensive delivery system, positions
PNC Advisors for a strong future.
BlackRock
BlackRock continued to differen-
tiate itself as a premier investment and
risk management firm. During 2003,
assets under management increased
13% to $309 billion at year-end. Net
new business exceeded $22 billion in a
wide variety of investment products.
In addition, BlackRock Solutions®
added 14 new risk management and
20