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Pricewaterhouse Acquires McGladrey & Pullen's Fund Unit


PricewaterhouseCoopers of New York has acquired a part of the accounting firm of McGladrey & Pullen LLP of Minneapolis in a deal announced last week.

The company bought McGladrey & Pullen's Investment Company Services Group, which is based in New York and services about 230 mutual funds with over $100 billion in assets under management. The acquisition was part of a bigger deal, in which H&R Block Inc. of Kansas City, Mo., bought McGladrey & Pullen but agreed to part with the investment management unit over concerns about auditor independence.

The deal is expected to shore up the business of PricewaterhouseCoopers' own Investment Management Industry Group in the Americas, which provides services to over 3,100 mutual funds with over $2.8 trillion in assets.