Mellon Financial Corp. announced today that it would create a new asset management subsidiary dedicated to actively managed growth equity investing for institutional clients. The new subsidiary, Mellon Growth Advisors, will be the tenth unit within Mellon Institutional Asset Management. Mellon Financial is also the parent company of the Dreyfus family of mutual funds.
Francis Antin, CEO of The Boston Company Asset Management, another Mellon subsidiary, will become CEO of Mellon Financial Advisors. Robert Potvin, currently managing director of Boston Safe Advisors and VP of The Boston Company, will become head of sales, marketing and client services for the new unit.
The investment team for Mellon Financial Advisors will be led by several portfolio managers recently hired away from State Street Global Advisors. Mellon has hired Edward Allinson, David Smith and Emerson Tuttle, as well as several other SSgA investment professionals.
The creation of Mellon Growth Advisors is part of the firms overall high-growth asset management expansion plans, according to Ronald OHanley, president of Mellon Institutional.
Mellon is awaiting the completion of the investment advisor registration process with the Securities and Exchange Commission. Until that is complete, it will operate as a division of The Boston Company Asset Managemnt, according to Mellon.