has named Timothy G. Shack
as its new president and chief executive officer. Shack is a 25-year veteran of the PNC Group, PFPC's parent company, and is currently that firm's chief information officer.
The firm claims it is the largest full-service fund transfer agent and the second largest provider of mutual fund accounting and administrative services.
The appointment of Shack to PFPC was made to put the firm into a more competitive position to deliver PNC resources to support acquisitions and technology development, explained Walter E. Gregg, chairman of PFPC Worldwide.
Shack explained that the firm plans to invest in technology infrastructure. "We plan to continue to invest in this business," he said. Shack replaces J. Richard Carroll, who retired in March.
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