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Mellon buys Scotland's Walter Scott

Financial services giant Mellon Financial has announced that it is to buy the Scottish equity investment company Walter Scott & Partners, in a deal estimated to be worth as much as $500 million.

Part of the firms continued expansion into the European asset management market, the latest acquisition will add around $27 billion to Mellon's assets under management, providing a total of $880 billion worldwide.

Commenting on the deal, Ronald P O'Hanley, president of Mellon's asset management business, said it was good news for Mellon's global expansion aspirations.

"The acquisition of Walter Scott & Partners helps accelerate that growth, not just in assets under management, but also in terms of strategies offered and clients reached worldwide," he said.

"In addition, Walter Scott & Partners has an extensive track record with clients and consultants in North America, enabling Mellon to very quickly offer Walter Scott & Partners' investment capabilities to Mellon's clients both in and outside of the United States."

Robert P Kelly, president and CEO of Mellon added that the acquisition of Walter Scott was important as asset management was the firms fastest growing business.

The transaction will be paid in part stock and part cash, and is expected to close later this year.