GLOBAL - Mellon Financial Corporation has purchased Walter Scott & Partners, the equity investment firm with £14.3bn in asset under management, for an undisclosed sum.
The aquisition brings Mellon’s asset under management to £465bn. The transaction, which will be paid in a combination of cash and stock, is expected to close by the end of the third quarter.
Mellon said it hoped Walter Scott &Partners would generate an internal revenue rate of return in the upper teens and to be “accretive to generally accepted accounting principles and cash earnings per share in 2006 and thereafter”.
“Asset management is Mellon’s largest and fastest-growing business, and the acquisition of Walter Scott & Partners add significant global investing capabilities,“ said Robert Kelly (pictured), chairman and CEO of Mellon.
Walter Scott & Partners will remain an independent subsidiary with no changes to its structure or investment philosophy. It will also retain its name and location, and the day-to-day running of the company will remain in the hands of the current team, including the founder Walter Scott, its managing director and other senior management members.
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