Dreyfus Assets Climb - Thanks to Markets, Not Increase in Sales

Officials with mutual fund giant Dreyfus Corp. told analysts recently that assets under management had risen to $75.5 billion by mid-May, an 11% jump over the level reached March 31, according to a Salomon Brothers analyst report.

The growth is a further indication of a revival at Dreyfus since its purchase by Mellon Bank Corp. last August. During 1994, Dreyfus' assets under management fell by $10 billion, to about $68 billion.

But Dreyfus can thank the stock and bond markets for that recovery. Virtually all of the 1995 increase has occurred through asset appreciation rather than net new sales.

Mellon officials told analysts at a recent New York meeting that they are interested in selling investment products other than the bank's own fund families, which include Dreyfus funds, Mellon's Laurel funds, and Boston Co. funds.

The Pittsburgh-based banking company also is interested in acquiring small domestic or international fund managers that could help broaden the product line, particularly in equity and taxable bond products.