Mellon Financial has closed its previously announced deal for Walter Scott & Partners, an Edinburgh equity investment firm specializing in global and international strategies.

The deal, which was paid for in a combination of cash, Mellon stock, and loan notes, was announced May 17.

Walter Scott, with about $29 billion of assets under management at Aug. 31, boosts Pittsburgh-based Mellon to nearly $900 billion under management.

The Scottish firm is to be an independent subsidiary in Mellon's multi-boutique asset management model. It will retain its name and offices, and the current team is to retain day-to-day management responsibility.

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