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Money Management Executive

Mellon Bets on Paragon to Boost High-Net-Worth Biz

Published July 13, 2004, 1:00 a.m. EDT
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Mellon Bets on Paragon to Boost High-Net-Worth Biz:Marks Sixth Acquisition in Four Years

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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 Financial’s 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, Mellon’s wealth management group’s sixth in the past four years, will be completed by the third quarter. It is the firm’s 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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