Magazine article American Banker

Mellon Wealth Management Enters Ga

Magazine article American Banker

Mellon Wealth Management Enters Ga

Article excerpt

Mellon Financial Corp.'s deal for an Atlanta investment management firm is the latest step in the Pittsburgh banking company's strategy to expand its private wealth management business one market at a time.

Mellon announced Monday that it had signed a definitive agreement to buy the Arden Group, a privately held investment management firm for high-net-worth individuals and institutions. The Atlanta firm holds $750 million of client assets. Terms of the deal, which is expected to close in the third quarter, were not given.

Larry Hughes, the chief operating officer of Mellon's private wealth management group, said the deal is part of its strategy for expanding the fee-based investment management business.

"We want to build on businesses that have strong client relationships," Mr. Hughes said. "We can't just buy for the sake of buying. The Arden Group has strong client relationships that made them an attractive target for acquisition."

The private wealth group has offices in California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Kentucky, Maryland, Massachusetts, New Jersey, New York, Ohio, Pennsylvania, and Washington. Three deals in the past three years brought the Mellon group into Ohio and Washington State for the first time, and expanded its California presence. The Arden deal would add a 14th state and, Mr. Hughes said, a stronger "presence in the Southeast."

Arden was founded in 1989 as Atlanta's first private fiduciary firm. …

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