Global firm Mellon Financial Corporation has completed its acquisition of US asset manager Standish, Ayer & Wood.
Standish is a Boston-based provider of investment management services to institutional clients and high net worth individuals.
The all cash transaction combines Standish - renamed Standish Mellon Asset Management - with Mellon's global investment management businesses.
Standish - which has $41bn assets under management - will remain headquartered in Boston.
By adding Standish to its existing investment management companies, Mellon increases its assets under management to more than $585bn and broadens its array of investment vehicles across a range of asset classes.
*Mellon also recently announced that it has reached an agreement to sell its mid-Atlantic region consumer, small business and certain middle-market banking operations to Citizens Financial Group - the US unit of The Royal Bank of Scotland Group.
By Madhu Kalia
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.