PNC Bank, a member of The PNC Financial Services Group, recently entered into a definitive agreement to purchase New York-based Aqueduct Capital Group, a registered broker dealer, for an undisclosed amount.
The purchase will allow PNC to expand its ability to serve the private equity industry’s capital needs globally. Aqueduct Capital Group will complement PNC’s subsidiary Harris Williams, a global investment bank specializing in private capital advisory services and mergers and acquisitions.
“We are excited to join forces with PNC and believe the synergies created with our Harris Williams colleagues will enhance a shared commitment to deliver superior outcomes to long-standing, trusted client relationships,” Frank Edwards, Aqueduct founder, said.
Aqueduct benefits from an ability to diversify clients’ investor bases in North America, Europe, Asia and Australia.
The deal is expected to close mid-summer and is subject to customary closing conditions.
PNC is one of the largest diversified financial services institutions in the United States. It offers retail and business banking, specialized services for corporations and government entities, wealth management and asset management.
Aqueduct Capital Group was designed to represent a small number of industry leading alternative fund managers. The company is focused on raising capital for private equity, private credit and real asset managers.