Mellon Financial Corporation is forming a joint venture with WestLB AG, called WestLB Mellon Asset Management, and it will be launched in the first quarter of 2006. It will employ approximately 240 people and will have about $47.5 billion in assets under management.

The new asset management firm will combine WestLB's main asset management activities with Mellon's German asset management activities. The company will include WestAM's activities in Germany, the U.K., Italy, Spain, the U.S., Australia and Japan, and will be the exclusive distributor of Mellon products in Germany.

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