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Federated Investors Inc., a Pittsburgh-headquartered global investment manager, has acquired certain components of the PNC Capital Advisors LLC investment management business for $56 million. The deal encompasses approximately $14 billion in assets and an international equity team.

The transaction involved the reorganization of 18 PNC equity, fixed-income and liquidity mutual funds into 16 corresponding Federated mutual funds and the transition of a five-person Cleveland-based international equity portfolio management team from PCA to Federated. The acquisition also included a portion of PCA’s separate account and separately managed account businesses.

The reorganization of $14 billion in assets comprised approximately $11.3 billion in liquidity assets, $2.3 billion in equity assets and $450 million in fixed-income assets. Each mutual fund reorganization was approved by PNC fund shareholders.