BNY Mellon has completed the £2.3 billion (€2.8 billion) acquisition of the global investment services business of PNC Financial Services, making the company’s Irish business the third largest alternative asset management firm globally and bringing the company’s workforce in Ireland to more than 1,700.

Joe Duffy, head of BNY Mellon in Ireland, said that the acquisition would double the company’s European alternative assets under administration and was a continuation of the strategy to expand the range of services on offer from Ireland to local and global clients.