Will Federated Buy a $54.6B Shop?
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Thursday, May 02, 2019

Will Federated Buy a $54.6B Shop?

Chris Donahue may be about to seal another deal, this time much closer to home.

Chris Donahue
Federated Investors
President, CEO & Chairman
The team at Donahue's Federated Investors [profile] is talking with the team at PNC Financial Services Group about Federated buying a PNC asset management arm, PNC Capital Advisors [profile], Pensions & Investments reports, citing unnamed sources (one of whom expects a deal announcement maybe as early as next week). As of the end of Q1 2019, PNC Capital Advisors had $54.6 billion in AUM, while Federated had $484.9 billion. Federated and PNC Financial are based in Pittsburgh, though PNC Capital Advisors is based in Baltimore.

Spokespeople for Federated and PNC declined to comment to P&I.

The PNC-Federated deal talk comes a month and a half after PNC publicly agreed to sell off another unit, its retirement plan recordkeeping business.

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