Pittsburgh-based Mellon Financial Corporation
, the parent company of Dreyfus mutual funds, announced
on Tuesday that it will close a deal to acquire Rhode Island money manager the Providence Group Investment Advisory Company
in the fourth quarter.
The deal will add $750 million in high net worth assets to Mellon's Private Wealth Management group.
and Matt Littlefield, two current executives in the Private Wealth group, will relocate to Providence. All ten employees from the Providence Group will join Mellon, including co-managing directors Scott Laurans and H. James Field, Jr., said Mellon spokesman Ron Gruendl.
Mellon said the deal was its third addition to its Private Wealth group this year; Mellon acquired Paragon Asset Management
in July and Safeco Trust Company
"[The acquisition] is another example of our corporate growth strategy in action as Mellon continues to invest in its fee-based businesses," said David Lamere, Mellon vice chairman and president of its Private Wealth Management group.
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