Global financial services group Mellon Financial Corporation is set to complete its takeover of Newton Management group by May 2002.
Mellon exercised its option on most of the remaining shares of UK-based Newton as planned.
Newton’s chief executive officer and one of the firm’s founder shareholders Colin Harris will also step down with effect from May next year. He will be succeeded by Jon Groom, president of Mellon Global Investments and regional head of Mellon Financial Corporation, Europe.
Commenting on his departure from Newton, Harris said: “The move is entirely amicable and has been planned for some time.”
He added: “Growth over the past three years has exceeded everyone’s expectations. However, I feel that as Newton enters the next stage of its development, it is now the right time for me to step down.”
By Madhu Kalia
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