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Non-Tech : SPIN-OFFS "secret hiding places of stock market profits"
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To: Terry Maynard who wrote (115)3/1/1998 9:09:00 PM
From: Immi  Read Replies (3) of 1185
 
EW YORK, March 1 (Reuters) - PNC Bank Corp is preparing for a possible spin-off of its asset
management business, according to an article in Barron's latest edition.

A spokesman for PNC told the financial weekly that such a move could be a way for the bank to
unlock hidden value in its asset management unit, which PNC consolidated last month under the name
of BlackRock Inc.

''It's one of our faster-growing businesses, and we are looking for ways to grow further. It's perceived
in the market place as having a higher value than a bank. A spin-off or partial spin-off may be a way to
achieve that value,'' PNC spokesman Jonathan Williams told Barron's.

The consolidation of PNC's asset management businesses under BlackRock Inc gives BlackRock
about $108 billion in assets under management, ranking it among the 25 largest U.S. asset managers.

Messages left with a company spokesman's family Sunday evening were not immediately returned.
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