M&A Deal Summary

Federated Hermes Acquires The PNC Financial Services Group - Investment-Management-Related Assets

On May 7, 2019, Federated Hermes acquired financial services company The PNC Financial Services Group - Investment-Management-Related Assets from PNC

Acquisition Highlights
  • This is Federated Hermes’ 1st transaction in the Financial Services sector.
  • This is Federated Hermes’ 1st transaction in the United States.
  • This is Federated Hermes’ 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2019-05-07
Target The PNC Financial Services Group - Investment-Management-Related Assets
Sector Financial Services
Buyer(s) Federated Hermes
Sellers(s) PNC
Deal Type Divestiture

Target

The PNC Financial Services Group - Investment-Management-Related Assets

Pittsburgh, Pennsylvania, United States
The PNC Financial Services Group, Inc. - Investment-Management-Related Assets includes the reorganization of PNC's family of liquidity, equity and fixed-income mutual funds into corresponding Federated mutual funds.

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Buyer(S) 1

Buyer

Federated Hermes

Pittsburgh, Pennsylvania, United States
Category Company
Founded 1955
Sector Financial Services
Employees2,000
Revenue 1.6B USD (2023)
DESCRIPTION

Federated Hermes is a investment managers in the United States. Federated provides comprehensive investment management to approximately 6,100 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/ dealers. Federated Hermes was incorporated in 1955 and is headquartered in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 1 of 2
Sector (Financial Services) 1 of 1
Type (Divestiture) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 1 of 2
Year (2019) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-18 C.W. Henderson and Associates

Chicago, Illinois, United States

C.W. Henderson and Associates is a registered investment advisor specializing in the conservative management of tax-exempt municipal securities. Primarily focusing on one asset class has allowed the firm to deliver unique, disciplined tax-exempt solutions to clients and their advisors. C.W. Henderson and Associates is headquartered in Chicago, Illinois.

Buy -

Seller(S) 1

SELLER

PNC

Pittsburgh, Pennsylvania, United States
Category Company
Founded 1852
Sector Financial Services
Employees53,932
Revenue 21.5B USD (2023)
DESCRIPTION
PNC's corporate headquarters in downtown Pittsburgh, Pennsylvania.
PNC's corporate headquarters in downtown Pittsburgh, Pennsylvania.

PNC is a diversified financial services organizations providing consumer 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. PNC was formed in 1922 and is based in Pittsburgh, Pennsylvania. PNC was founded in 1852 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 4 of 5
Sector (Financial Services) 4 of 5
Type (Divestiture) 3 of 4
State (Pennsylvania) 2 of 3
Country (United States) 4 of 5
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-14 Ambassador Financial Group

Allentown, Pennsylvania, United States

Ambassador Financial Group, Inc. is a provider of balance sheet management, investment banking and capital markets services to banks, insurance companies, and other financial institutions. Ambassador Financial Group is based in Allentown, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 The PNC Financial Services Group - Franchise Finance Business

Pittsburgh, Pennsylvania, United States

The PNC Financial Services Grou's Franchise Finance Business loans to franchisees operating in the quick-service restaurant (QSR) and other industries.

Sell -
Mergr

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