US banking giant PNC Bank has acquired New York-based registered broker-dealer Aqueduct Capital Group for an undisclosed sum.
Founded in 2003, Aqueduct operates as an alternative asset placement firm focused on raising capital for private credit, private equity, and real asset managers. PNC says the company has “built a strong reputation advising its clients on a variety of fundraising solutions”.
Michael D. Thomas, head of corporate and institutional banking at PNC, says that the Aqueduct purchase complements “existing capital advisory capabilities provided through PNC’s subsidiary Harris Williams and will enable us to expand our ability to serve the global capital needs of the private equity industry”.
Harris Williams, which PNC purchased in 2005, functions as a global investment bank offering private capital advisory and M&A services.
Commenting on the deal, John Neuner, co-CEO of Harris Williams, states: “With minimal overlap in our respective client bases or limited partner relationships, this agreement increases the ability to serve a broader range of clients.”
The acquisition is expected to close in mid-summer, according to PNC.
The deal comes amid a leadership change at the bank. In April, PNC named BlackRock veteran Mark Wiedman as president, succeeding Michael Lyons, who departed in January to join Fiserv as president and CEO-elect.
Source: https://www.fintechfutures.com/
