BNY Mellon has acquired Delaware-based PNC's Global Investment Servicing (GIS) business for $2.31bn. GIS has operating locations in US and Europe, with approximately 4,500 employees.

PNC is a provider of custody, fund accounting, transfer agency and outsourcing solutions for asset managers and financial advisers.

BNY Mellon said that the acquisition of GIS is part of strategy to expand product set, add scale to growth businesses and enhance market position in supporting fund managers and financial advisers globally across several business lines.

According to the BNY Mellon, the GIS transaction doubles the number of funds serviced for accounting and administration. BNY Mellon doubles its European asset base in alternative investment services and further expands the managed account platform.

Gerald Hassell, president of BNY Mellon, said: “With GIS we have acquired a highly complementary business with a motivated and talented workforce that significantly strengthens our service offering and our market share with asset managers and financial advisers.

“This transaction is central to our ongoing strategy for growth within the US and across Europe, adding further scale and expertise in these key geographies as we continue to support our clients in capitalizing on the opportunities that will help them to achieve their present and future business goals.”