ellon Financial is expanding its private wealth management presence in the mid section of the country with its pending purchase of Atlanta-based The Arden Group
, a privately held high-net-worth specialist. The acquisition, which is to close in the third quarter of this year, will add more than $750 million in client assets to Mellon, according to the Pittsburgh-based firm. Financial terms of the agreement are not being disclosed.
Arden will operate as part of Mellon's Private Wealth Management group, a provider of investment, wealth management and banking services to individuals, families, family offices, charitable gift programs, endowments and foundations.
"This latest acquisition marks another step forward in Mellon's strategy to invest in high-growth, fee-based businesses, while complementing the steady organic growth we've achieved in our asset management business," said Martin G. McGuinn
, Mellon chairman and CEO.
"Mellon's trust powers and broad investment services will significantly enhance our attractiveness to clients in Atlanta and the Southeast," said Jack Sawyer
, a principal at Arden. Sawyer, along with fellow principals Dana Halberg
and Michael Mohr
will continue to lead the firm's operations. A spokesperson for Mellon noted that the acquisition will not entail lay-offs at either Mellon or Arden.
The Arden deal will be Mellon's fourth acquisition in its Private Wealth Management group in less than three years. Mellon bought Ohio-based Weber Fulton & Felman
in 2002, California-based Van Deventer & Hoch
in 2001 and The Trust Company of Washington
in November 2000.
"Our approach has been to expand Mellon's Private Wealth Management organization by focusing on strong regional markets where we do not have a presence, and the Atlanta area clearly supports that strategy," said David F. Lamere
, Mellon vice chairman and president of the Private Wealth Management group.
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