With its blockbuster acquisition of Dreyfus Corp. four years ago, Mellon Bank Corp. instantly became a major player in the booming U.S. market for mutual funds. Now Mellon has set its sights on foreign markets.

So far this year, Mellon has forged five alliances with overseas fund companies in South Africa and Asia. And it is planning to buy a 75% stake in a British concern, Newton Management Ltd.

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