Sam Sparhawk has been promoted to head of custody and securities lending services at PFPC Trust Company, overseeing total assets of $347 billion, mainly in mutual funds. Sparhawk’s promotion follows the announced retirement of PFPC Trust Company chairman and executive vice president Joseph T. Gramlich, a 33-year PNC and PFPC veteran.
In his new role, Sparhawk will direct the operations of PFPC custody services, including recordkeeping, safekeeping/security processing, corporate actions, automated cash sweep and foreign exchange. In addition, Sparhawk will oversee management of the securities lending program, which has more than $57 billion in lendable assets.
Sparhawk is a senior vice president of PFPC Trust Company, have joined parent PNC Financial Services Group in 1985, rising to managing director of PFPC Trust Company and senior manager of PFPC’s custody services group.
Sparhawk has served on various Investment Company Institute (ICI) and American Bankers Association (ABA) committees and holds the Certified Securities Operations Specialist (CSOP) designation from the Institute of Certified Bankers.
“Sam’s remarkable industry insight and constant dedication to exceeding client expectations will serve him well in his new role,” says Stephen M. Wynne, chief operating officer, PFPC. “He embodies the expertise PFPC has in place to serve our customers today, while leading them securely into tomorrow.”
PFPC currently services over $1.4 trillion in total assets owned by 48 million shareholders. In addition to shareholder services and fund accounting and administration, PFPC also provides distribution and sub-accounting services, custody, securities lending, banking and alternative investment services. PFPC’s affiliate, PFPC International Ltd., based in Dublin, has operated in the Irish capital since 1993.