Mellon Financial Corp. hardly sounds done making acquisitions to expand its private wealth management unit, which includes separately managed accounts.
Craig R. Sutherland, national director for the Pittsburgh banking company's private wealth management group, said that the Boston unit wants to buy more such boutique firms, especially in New York, Philadelphia and California. Sutherland made his remarks the day after Mellon announced it had bought Arden Group of Atlanta. The July 31 acquisition marks the fourth purchase for Mellon's private wealth management group in less than three years. Mellon acquired Weber Fulton & Felman in 2002, Van Deventer & Hoch in 2001, and The Trust Company of Washington in 2000.