Mellon Financial Corp. said it has completed the previously announced acquisition of the separate accounts division of New York City-based Ashland Management Inc.

Mellon said the move gives its subsidiary, Dreyfus Service Corp., an additional $566 million in separate account assets under management, and brings the total to more than $3 billion. The Ashland separate accounts team will operate as a separate company reporting to Dreyfus.

The all-cash deal was announced on Sept. 12. However, terms of the acquisition were not disclosed.

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