Wachovia Corp. is buying PFPC Inc.s record keeping and third-party administration business from PNC Financial Services Group Inc. Terms were not disclosed. The transaction is expected to close in 60 days. Joseph Ready will head the combined unit, continuing as director of Wachovia Retirement Services.
PNC is focusing on its fund accounting and administration and transfer agency businesses, said Jeannette Harrison-Sullivan, PFPC spokeswoman. Most of the PFPC employees affected by the acquisition are expected to work for Wachovia, she said.