Mellon Financial has agreed to buy Arden Group, an investment management firm that focuses on institutions and wealthy individuals, Mellon announced Monday. Terms were not disclosed.

The addition of Arden’s $750 million of assets under management will strengthen Mellon’s private wealth management group, which manages $66 billion, the firm said.

"This latest acquisition marks another step forward in Mellon’s strategy to invest in high-growth, fee-based businesses, while complementing the steady organic growth we’ve achieve in our asset management business," Martin G. McGuinn, Mellon’s chairman and CEO, said in a statement.

The purchase, the private wealth group’s fourth in the past three years, is expected to close in the third quarter.

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