Mellon Financial Corp. is maintaining a veil of secrecy around the terms a deal to acquire Safeco Trust Company from Seattle-based Safeco Corp. Mellon, which manages $76 billion through a growing confederation of boutique financial service firms known as Mellon Private Wealth Management Group, acknowledged that the deal with Safeco is expected to close within a month. The deal is Mellon's fifth addition to its Private Wealth Management Group in fewer than four years. Last year, Mellon acquired Georgia-based The Arden Group and in 2002, Ohio-based Fulton & Felman. Safeco Trust Co. offers diversified financial services to affluent clients with at least $1 million to invest. Safeco Corp. reportedly said it intends to jettison sideline operations in order to concentrate on its core property and casualty insurance business.
"This latest acquisition represents another opportunity for Mellon to invest in its attractive mix of fee-based businesses, while complementing the steady organic growth we've achieved in our asset management business," said Martin G. McGuinn, Mellon chairman and chief executive officer.