PFPC Announces the Official Launch of Depositary Services in Luxembourg

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PFPC Bank Ltd. to Address Increasing Client, Regulatory and Product Demands

Fund managers who have long benefited from PFPC's high quality services in Ireland and the United States now have the opportunity to take advantage of our full-service offering in Luxembourg to support and further their global business growth.

PFPC, a service provider to the global asset management industry, announced today the launch of depositary services in Luxembourg. Through PFPC Bank Ltd. and its affiliate, PFPC International Ltd., the organization now offers a full range of services to clients with Luxembourg-domiciled funds.

Luxembourg is Europe's leading domicile for traditional investment funds and the second largest worldwide domicile for funds after the United States. In early 2007, Luxembourg made a series of changes to its investment regulations, including the introduction of the new specialized investment funds (SIFs). As a direct result, an increase in alternative asset class activity in addition to the continued growth in the traditional and long-only asset classes is expected.

Well-positioned to leverage off this important trend, PFPC now provides transfer agency, depositary, middle office, fund accounting and administration and risk management services in Luxembourg.

The expansion of services in Luxembourg is part of PFPC's evolutionary strategy to increase its presence globally and comes shortly after the announcement of a new office in London last month. Responding to increased cross-border activity in the fund management industry, PFPC now offers comprehensive services for Luxembourg, Ireland, Cayman, and other domiciles.

"We are very excited about the launch of depositary services and PFPC Bank Limited in Luxembourg," said Mark Mannion, managing director of PFPC International Ltd. "Fund managers who have long benefited from PFPC's high quality services in Ireland and the United States now have the opportunity to take advantage of our full-service offering in Luxembourg to support and further their global business growth."

PFPC International Ltd., a subsidiary of PFPC Worldwide Inc., provides accounting and administration for $103 billion in assets. In addition to Luxembourg, PFPC International Ltd. has offices in Dublin, Navan and Wexford, Ireland; and London, England.

PFPC, a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a leading provider of processing, technology and business solutions to the global investment industry. PFPC offers fund accounting and administration, transfer agency, custody and subaccounting services for 70 million shareholder accounts representing $2.4 trillion in total assets. Visit us at http://www.pfpc.com.

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Rob Tacey
PFPC
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