Mellon buys Walter Scott & Partners
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.
By Daniel Flatt
Latest stories
Updated: Key dates for pensions
PP has compiled a list of what to watch out for over the coming months.
Exclusive: TPR spends nearly £60,000 on rebranding exercise and new logo
The Pensions Regulator (TPR) spent just under £60,000 on a rebrand, including the design of a new logo and implementation of a refreshed colour scheme, Professional Pensions can reveal.
Have your say: Are default decumulation pathways a good way to overcome retirement confusion?
In this week's Pensions Buzz, we want to know whether or not you believe default decumulation pathways are a good way to tackle members' confusion at retirement.
TPR and PLSA reveal AE contribution hike has had minimal impact on opt-outs
The increase in minimum auto-enrolment (AE) contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
Most read
