Mellon to Buy Providence Group

Mellon Financial Corp. announced this week it will buy a Rhode Island investment firm, making it the private wealth management group's third acquisition this summer and seventh in four years as part of a national expansion.

Craig R. Sutherland, the private wealth group's national director, said it must continue to enter markets where it currently lacks a presence. The private wealth unit has $75 billion of assets under management and 60 offices, in California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Kentucky, Maryland, Massachusetts, New Jersey, New York, Ohio, Pennsylvania, and Washington.