Pennsylvania-based Federated Investors has agreed to purchase certain assets of local peer PNC Capital Advisors (PCA), the investment management unit of PNC Financial Services Group.

Under the agreement, Federated will acquire around $14bn in assets from PNC.

These include nearly $9bn in money market assets, $4.2bn in equity assets and $700m in fixed-income assets.

The deal, which is valued at $52m, already secured the go-ahead from the Federated board.

It is slated to complete in the final quarter of this year, subject to regulatory nod.

PNC head of Corporate & Institutional Banking and the Asset Management Group Michael Lyons said: “PNC’s institutional asset management business will now be focused on its core strength: providing comprehensive outsourced chief investment officer (OCIO) services and custom investment solutions to help our clients run their businesses better.

“PNC will continue to proactively deliver value-added advice and solutions for our wealth management and institutional clients, leveraging our bespoke investment solutions and strong open architecture platform.”

The six-member international equity team of PNC will move to Federated as part of the transaction.

PCA will have $21bn in custom liquidity and fixed-income solutions following completion of the acquisition.

Besides, the institutional advisory arm of PNC will continue to oversee $26bn in OCIO assets.

Last year, Federated snapped up a majority stake in Hermes Fund Managers.