Mellon Financial Corporation said Monday that it has agreed to purchase Safeco Trust Company from Safeco Corp., and that the move would be completed within the next 30 days.

Safeco Trust, the Seattle-based Safeco subsidiary that handles estate planning and other services to families with $1 million or more in assets, is the fifth private wealth management acquisition by Mellon in the past four years. Terms of the deal were not disclosed.

Said Mellon CEO and Chairman Martin G. McQuinn, "This acquisition increases our value for high-net-worth clients, as we continue to intensify our strength as a provider of the highest quality wealth management capabilities."

Calling Mellon’s and Safeco Trust’s investment strategies "compatible," Safeco Trust Senior Vice President Gary Grina said the move is "a positive move for everyone involved – most importantly, our clients."

Safeco Trust manages over $300 billion in assets. For the parent company, the selling is part of a strategy announced last year to sell off subsidiaries in order to spend more time on property and casualty coverage.

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