Money Management Executive
Mellon Bets on Paragon to Boost High-Net-Worth Biz
July 13, 2004, 1:00 a.m. EDT 1 Min Read
Mellon Bets on Paragon to Boost High-Net-Worth Biz:Marks Sixth Acquisition in Four Years
For Paragon Asset Management Company , what happened in Vegas did not stay in Vegas, as the Las Vegas fund company is now part of Mellon Financials nationwide operation. Mellon has agreed to purchase the privately held money management firm, in an effort to shore up its high-net-worth investment vehicles. Terms of the deal were not disclosed.
The acquisition, Mellons wealth management groups sixth in the past four years, will be completed by the third quarter. It is the firms second acquisition in three months; this past April, the firm acquired Seattle-based Safeco Trust .
"This new acquisition marks another step in our strategy to invest in fee-based businesses and complements the robust organic growth Mellon has achieved in its asset management business," said Mellon CEO and Chairman Martin G. McGuinn.
The deal rakes in $600 million more worth of assets for Pittsburgh, Pa.-based Mellon, which already manages more than $75 billion across in its wealth management division, serving customers through 60 offices. The fast-growing Las Vegas market was ideal to dive into, according to Mellon Wealth Management Group President David F. Lamere.
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