Magazine article American Banker

Mellon to Reenter Florida in Deal for Asset Manager

Magazine article American Banker

Mellon to Reenter Florida in Deal for Asset Manager

Article excerpt

Mellon Bank Corp. has announced plans to acquire an investment manager in Florida to further the expansion of its private banking business.

Pittsburgh-based Mellon said Monday that it would close a deal to buy Ganz Capital Management in the second quarter. Ganz, based in North Miami Beach, manages $400 million for wealthy individuals. Terms of the deal were not disclosed.

Ganz, founded in 1971, will be folded into Mellon Private Asset Management, which has more than $54 billion of client assets under management and administration.

Mellon's private asset management business has swelled by more than 50% since 1993, when it acquired another money manager, the Boston Co. But the Ganz deal is about presence, not scope, according to Mellon executives.

"In addition to assets, people are very important in this business," said David F. Lamere, Mellon's senior vice president in charge of investment management and trust. "An acquisition allows us to enter a market with people who have a reputation in a local market."

Along with client assets, Mellon will take on 20 employees of Ganz, including its president, Charles B. Ganz, and senior portfolio manager, Gloria M. Zaldivar.

The acquisition will be similar to another made by Mellon to get into a new market. In 1994 it acquired Belden & Associates, San Francisco, which had $200 million under management. Ganz, like Belden, will do business as Mellon Private Asset Management.

Mr. Lamere said Mellon's services in Florida have been limited in this decade to visiting existing clients from up north who also have homes in the Sunshine State.

Florida's private banking turf is crowded. Merrill Lynch & Co. and other brokerages-including local firms Raymond James & Associates Inc., St. Petersburg, and J.W. Charles Financial Services Inc., Boca Raton-blanket the state.

In addition to Barnett Banks Inc. …

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