Mellon Financial post Q4 results

18 January 2007

Mellon Financial Corporation has said that fourth quarter earnings in 2006 rose by 14 per cent ahead of the companies impending merger by Bank of New York.

Increased fees from hedge funds and mutual funds were cited as major factors in the rise in net income, which was up to $237 million for the quarter compared with $208 million a year earlier.

Total assets under management also increased by 27 per cent to reach $995 billion in December.

"2006 was a fantastic year for Mellon and 2007 should be even more exciting," commented Robert P Kelly, the chairman, president and chief executive of Mellon Financial.

"The proposed merger with Bank of New York will create a powerful and rapidly growing global competitor in our core asset management and servicing businesses and the opportunities for cost savings and revenue synergies are meaningful."

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