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
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