Mellon Financial has scored points in its bid to expand non-U.S. investment alternatives, announcing Wednesday that it has agreed to purchase Walter Scott & Partners, an global equity management firm based in Edinburgh, Scotland.

Terms of the purchase, which is expected to close by the end of the third quarter, were not disclosed, but Walter Scott will retain its current leadership, structure and investment philosophy. With the completion of the deal, Pittsburgh-based Mellon will add approximately $27 billion to its total AUM, bringing that figure to more than $880 billion.

In announcing the purchase, Mellon chairman, president and CEO Robert Kelly underscored its importance for Mellon Asset Management. "Asset management is Mellon's largest and fastest-growing business," he pointed out in a statement.

The firm's global and international assets under management have increased about fifty fold over the past decade, reaching more than $100 billion. 

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