PNC Bank 2003 Annual Report Download - page 23

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more drive
in a challenging environment for
the funds industry.
New and innovative products also
helped us increase our client base in high-
growth industry sectors: PFPC is the number
one global fund subaccounting provider;
we service 529 (college savings) plans in 10
states; and we service more than $17 billion
on our new managed account platform.
PFPC also increased net assets serv-
iced offshore by more than 50 percent in
2003, continuing its international growth.
PFPC has achieved this growth while
intensifying efforts to streamline operations.
Consolidating a number of offices, divesting
the retirement services business, and focus-
ing on efficiency helped PFPC reduce expens-
es by more than $50 million in 2003 before
reinvestments, exceeding our initial goal.
These strategies should enhance PFPC’s
growth opportunities moving forward as the
global funds industry continues to evolve.
To help build on this success,
PFPC has developed a three-pronged
strategy. One, we have created a more
customized — or open — approach with
clients. We anticipate the processing,
technology and business solutions clients
need — and deliver these solutions when
and where clients want them.
Two, we leverage our Global
Enterprise PlatformSM to provide a our com-
petitive advantage. This leading-edge tech-
nology enables us to develop an unparal-
leled array of products and services. And,
three, we achieve these objectives more
cost effectively, creating long-term value.
In 2003, this approach helped
us expand PFPC’s core client base:
•Fund accounting and adminis-
tration net assets serviced grew to
$667 billion, up 31 percent; and
•Total shareholder accounts serv-
iced grew to 53 million, up four percent
21
“Our Institutional
Funds product is ideal
for clients with 401(k)
plans seeking daily
valuation as well as
for smaller pension
plans, foundations
and endowments.
These funds are man-
aged side-by-side with
institutional separate
accounts, using the
same philosophy,
process and team.”
Barbara Novick
Managing Director
BlackRock
New York