This strengthens our relationships within the distributor segment and provides value-added services to our clients.
Pittsburgh, PA (PRWEB) December 10, 2007
The PNC Financial Services Group, Inc. (NYSE: PNC) announced today the acquisition of Chadds Ford, Pa.-based Coates Analytics Group LP, a provider of Web-based analytics tools that help asset managers identify wholesaler territories and financial advisor targets, promote products in the marketplace and strengthen competitive intelligence. Coates Analytics will enhance the offerings of PFPC Worldwide Inc., PNC's provider of global investment services. The transaction was finalized and closed on Dec. 7. Financial terms of the agreement were not disclosed; the transaction will have a minimal impact on PNC's capital position.
"The acquisition of Coates Analytics continues to expand PFPC's delivery of information services to the global investment industry. Along with the recent closing of our Albridge Solutions Inc. acquisition, PFPC will now serve as a centralized source of information with the unique ability to facilitate the flow of data both to and from financial advisors, broker/dealers and fund companies," said Timothy G. Shack, chairman and chief executive officer, PFPC. "This strengthens our relationships within the distributor segment and provides value-added services to our clients."
Coates Analytics is a leading provider of Web-based analytical services to broker/dealers, mutual fund companies and asset managers. Coates Analytics offers a combination of industry knowledge, business intelligence tools and data. Coates Analytics currently serves seven of the 10 largest broker/dealers and provides market data, including critical distribution information, to more than 40 of the leading asset management and fund companies. In addition, Coates Analytics offers an electronic alert system that helps mutual fund management teams and boards of directors meet fiduciary responsibilities and stay informed of essential aspects of the fund's management and administration, including measures of proper fund governance.
PFPC is a leading provider of processing, technology and business solutions to the global investment industry. PFPC offers subaccounting, transfer agency, managed account, alternative investment, fund accounting, administration and custody services, representing over $2.5 trillion in total assets. Visit us at http://www.pfpc.com.
The PNC Financial Services Group, Inc. (http://www.pnc.com) is one of the nation's largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements regarding our outlook or expectations with respect to the planned acquisition of Coates Analytics Group LP, the expected costs to be incurred in connection with the acquisition, Coates Analytics' future performance and consequences of its integration into PNC, and the impact of the transaction on PNC's future performance.
Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. The forward-looking statements in this press release speak only as of the date of the press release, and neither PNC nor Coates Analytics assumes any duty, or undertakes, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements.
These forward-looking statements are subject to the principal risks and uncertainties applicable to the respective businesses of PNC and Coates Analytics, including, with respect to PNC, those generally disclosed in the 2006 Form 10- K and in current year Form 10-Qs and 8-Ks of PNC (accessible on the SEC's Web site at http://www.sec.gov/ and on PNC's Web site at http://www.pnc.com/). In addition, forward-looking statements in this press release are subject to the following risks and uncertainties related both to the acquisition transaction itself and to the integration of the acquired business into PNC after closing:
-- The transaction may be substantially more expensive to complete (including the integration of Coates Analytics' business) and the anticipated benefits, including anticipated cost savings and strategic gains, may be significantly harder or take longer to achieve than expected or may not be achieved in their entirety as a result of unexpected factors or events.
-- The integration of Coates Analytics' business and operations, which will include conversion of Coates Analytics' different systems and procedures, may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to Coates Analytics' or PNC's existing businesses.
-- The anticipated benefits to PNC are dependent in part on Coates Analytics' business performance in the future, and there can be no assurance as to actual future results, which could be impacted by various factors, including the risks and uncertainties generally related to PNC's and Coates Analytics' performance or due to factors related to the acquisition of Coates Analytics and the process of integrating it into PNC.