The $5.97 billion, 32nd-ranked Allegiant family of money market mutual funds has been merged into the $1.17 billion, 54th ranked PNC family of money funds, and the Allegiant funds have been renamed as PNC funds. A company press release says, "The reorganization of Allegiant Funds and PNC Funds, Inc. into a single fund company, called PNC Funds, has been completed. The move combines the two fund families into one $11 billion fund company, advised by PNC Capital Advisors, LLC." The combined complex's money funds will still rank 32nd (with $7.14 billion) behind American Century's $7.53 billion.
The release continues, "The merger was previously approved on Dec. 15, 2009 and Jan. 6, 2010, by shareholders of PNC Funds, Inc. The combined fund company now offers 33 mutual funds across a broad range of choices -- domestic and international equity, taxable and tax-exempt fixed income and money market portfolios. The Funds are available through financial intermediaries; including banks, direct institutional and third party broker-dealers by Professional Funds Distributor, LLC, of King of Prussia, Pa.... PNC Capital Advisors, LLC was formed on Sept. 29, 2009 when PNC Capital Advisors, Inc. and its affiliate, Allegiant Asset Management Company [formerly affiliated with National City], each merged into and with PNC Capital Advisors, LLC."
The original "Fund Reorganization Announcement said, "The combined mutual fund family will be branded as PNC Funds to align the complex with PNC Capital Advisors, LLC, the investment adviser, and its parent organization, The PNC Financial Services Group, Inc.... What's Changing? New CUSIPs and ticker symbols will be assigned to all funds.... What's Not Changing? Fund Portfolio Management teams and Fund investment strategy, philosophy and process."
The funds changing names from Allegiant to PNC (they also changed ticker symbols -- the first letter was changed from an 'A' to a 'P') include: Allegiant Advant Instit Govt MM I (PAVXX), Allegiant (PNC) Advant Instit MMF A (PAAXX), Allegiant (PNC) Advant Instit MMF I (PABXX), Allegiant (PNC) Advant Instit Treas MM I (PAIXX), Allegiant (PNC) Government MMF A (PGAXX), Allegiant (PNC) Government MMF I (PKIXX), Allegiant (PNC) Money Market A (PEAXX), Allegiant (PNC) Money Market I (PCIXX), Allegiant (PNC) Treasury MMkt A (PRAXX), Allegiant (PNC) Treasury MMkt I (PDIXX), Allegiant (PNC) OH Muni MMkt A (POAXX), Allegiant (PNC) OH Muni MMkt I (PYIXX), Allegiant (PNC) PA Tax-Exempt MM A (PSAXX), Allegiant (PNC) PA Tax-Exempt MM I (PFIXX), Allegiant (PNC) Tax-Exempt MMkt A (PXAXX), and Allegiant (PNC) Tax-Exempt MMkt I (PXIXX).
The legacy PNC funds tracked by Crane Data, PNC Govt MMF Inst (PSGXX), PNC Prime MMF A (PNRXX), PNC Prime MMF Inst (PSPXX), and PNC Tax Exempt MM Inst (PTTXX), remain unaffected by the changes. Note: The name changes, new tickers and CUSIPs will be reflected in the March issue of Money Fund Intelligence and on the website once the February month-end data is posted.
