Magazine article American Banker

Mellon Buying Ohio Asset Manager; May Do More Deals in '02

Magazine article American Banker

Mellon Buying Ohio Asset Manager; May Do More Deals in '02

Article excerpt

Mellon Financial Corp. announced Monday that it had agreed to acquire a Cleveland asset management firm, a deal that would expand the Pittsburgh company's business with high-net-worth individuals and families as it gets out of providing mass-market banking services.

Mellon, which had $610 billion of assets under management at the end of March, said that it would add $800 million of assets under management by buying Weber Fulton & Felman. It would be Mellon's third acquisition of an asset management boutique since the end of 2000.

Last year Mellon sold its retail banking operations, including its branches, to Providence, R.I.-based Citizens Financial Group, retaining only the business related to high-net-worth individuals. It has spent the past three years exiting what it considers low-profit operations, including credit cards and mortgages, and devoting the bulk of its resources to building asset management, securities processing, and other fee-based businesses.

Much of the building has been through acquisition. In November 2000 Mellon completed the purchase of Seattle-based Trust Company of Washington, and last September it bought Van Deventer & Hoch, of Glendale, Calif.

David F. Lamere, vice chairman and head of Mellon's private wealth management group, said in an interview that the company frequently discusses buyouts with small regional firms but that only a small portion of the talks bear fruit. He added that he hoped Mellon could strike deals to buy at least two more firms this year. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.