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 Ardens $750 million of assets under management will strengthen Mellons private wealth management group, which manages $66 billion, the firm said.
"This latest acquisition marks another step forward in Mellons strategy to invest in high-growth, fee-based businesses, while complementing the steady organic growth weve achieve in our asset management business," Martin G. McGuinn, Mellons chairman and CEO, said in a statement.
The purchase, the private wealth groups fourth in the past three years, is expected to close in the third quarter.