Mellon Names Exec to Scout Deals Europe, Japan

Mellon Bank Corp. this week appointed Francis D. Antin chief operating officer of Dreyfus Global Investors, its international asset management unit.

The position is a new one and reflects "our intention to expand internationally," Mr. Antin said.

He will remain chief executive officer of Boston Company Asset Management, one of Mellon's domestic institutional investment management units.

At Dreyfus, Mr. Antin, 49, will be responsible for pursuing acquisitions and joint venture opportunities in investment management abroad, with a particular focus on Europe and Japan.

Both areas are a growing market for mutual funds, he said.

In Europe the need is fueled by the move to privatize public pension funds and the growth of the defined-contribution business, Mr. Antin said.

In Japan underfunded pension liabilities and market reforms are creating opportunities for foreign financial firms to sell mutual funds.

Pittsburgh-based Mellon owns a 75% stake in $22 billion British asset manager, Newton Management Ltd.

On mainland Europe, Mr. Antin said, he will scout for alliances or acquisitions in Germany, Italy, France, or Spain.

Last year Dreyfus formed an alliance with Bank of Tokyo-Mitsubishi's investment arm and it has a small distribution office in Japan. And Mellon will pursue other distribution opportunities in Japan, perhaps aligning itself with an insurer, Mr. Antin said.

The bank also has an investment management presence in Chile, Brazil, Hong Kong, and Singapore.

Mellon manages a total of $390 billion of assets under the Dreyfus name, including nearly $110 billion in mutual funds.

Separately, Founders Asset Management, Mellon's $7.5 billion Denver- based growth manager said that portfolio manager Michael Haines is leaving "to pursue other opportunities."

Mr. Haines managed the Founders Frontier Fund, a small-cap equity portfolio. He will be succeeded by Robert Ammann, who manages another Founders small-cap portfolio, the Founders Discovery Fund, a spokeswoman said.

Over the last three years, the Frontier Fund's annual rate of return was 7.85%, compared with the Discovery Fund's 15.71%, she said. Mr. Haines will help facilitate the transition, the spokeswoman said.

Founders also moved Tom Arrington over to manage its Blue Chip Fund, which had been managed by Brian Kelly. Mr. Kelly, will continue to manage the Founder's Balanced Fund, the spokeswoman said.

The change was made because of Mr. Arrington's experience in blue chips, the spokeswoman said. Mr. Arrington joined Founders last month from HighMark Capital Management, a division of Unionbancal Corp., as a co- manager on Founders' Flagship Growth Fund, a role he still has.

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