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.
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.
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.