PNC Financial Services Group said on Feb. 2 it will sell its investment servicing unit to Bank of New York Mellon for $2.31 billion, giving the regional bank cash it can use to pay back government loans.
 
For BNY Mellon, the unit will add $855 billion in assets under administration and increase its position in fund accounting and administration, among other businesses. The deal also gives BNY Mellon access to hedge fund and mutual fund clients it does not already cover.
 
New York-based BNY Mellon, which has $22.3 trillion in assets under custody and administration, will have the No. 2 position in fund accounting and administration after the deal, it said.
 
Bank of New York Mellon investor presentation.