A hand held, hydraulically actuated installation tool installs multi-pieced fasteners having fastener components including a pin and a collar and/or sleeve by applying a relative axial force therebetween by a nose assembly which has a jaw structure for gripping the shank of the pin and an anvil for engaging the collar or sleeve and for severing a pintail portion of the shank after completion of the installation. A power cylinder housing is provided having a cylinder housing section and an integrally formed handle section with hydraulic passageways extending through the handle with internal parting to the cylinder housing. While the nose assembly can be readily installed and removed, the anvil member can be selectively rotated when the nose assembly is installed. A pintail deflector is located at the back end of the installation tool for deflecting the severed pintail portions away from the operator with the deflector having a generally elastomeric body portion with a wear plate adapted to receive the impact of the severed portions of fasteners being installed.