Deals & People September 3, 2009

Allegiant to Merge with PNC Capital Advisors

The PNC Financial Services Group, Inc., has announced its intention to merge Allegiant Asset Management Company with its affiliate, PNC Capital Advisors, Inc., on or about September 29, to form PNC Capital Advisors, LLC.

Reported by

Allegiant was a division of National City Corporation, which was acquired by PNC on December 31, according to the announcement. 

Allegiant currently manages the Allegiant Funds and the Allegiant Advantage Fund. According to the press release, on September 30, PNC Capital Advisors, LLC will begin acting as investment advisor and co-administrator to both.

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Kevin McCreadie, who has been chief executive officer of PNC Capital Advisors, Inc., since 2004, will retain his position in the new organization. 

The new registered investment adviser will have a combined $37 billion in assets under management and offer an array of financial products, including:

  • large-cap equities
  • mid-cap equities
  • small-cap equities
  • international equities
  • taxable and municipal fixed income. 

The combined entity will offer broad distribution channels through banks, direct institutional, and third-party broker/dealers, according to the announcement.

Data & Research September 3, 2009

Emergency Funds Would Run Out Quickly

Six in 10 surveyed Americans said they could last financially for 90 days or less without a job, while 38% said their nest egg wouldn’t make it for four weeks.

Reported by

A news release from HSBC Bank USA about its poll said 39% of respondents reported being able to live on their savings for three to six months if unemployed.

“While we have seen a robust increase in the personal savings rate in 2009, and we are moving in the right direction, what is clear is that it’s not enough,” said David Goeden, executive vice president, Personal Financial Services, HSBC Bank USA, N.A. “More than ever, Americans are aware of the importance of having an emergency fund; yet, despite this heightened awareness—and rising unemployment rates—there is still a sweeping lack of preparedness for the unexpected.”

Fifty-one percent of respondents with a household income (HHI) of less than $50,000 could only live on savings for less than one month. Despite a higher income, 29% of respondents with a HHI of more than $100,000 could only live on their savings for up to three months.

Those who are prepared for less than one month include families with children (44%) and adults age 55 and older (31%).

When asked what they would do if they unexpectedly received $1,000, 63% said they would pay bills, and nearly 40% said they would put all or the majority into savings.

The HSBC Consumer Survey was conducted online in July among 1,000 U.S. households. The sample size varied per question.

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