Six months have passed since Mellon Bank Corp. bought the bulk of Boston Co. from American Express Co., but the division of the spoils continues.

Last week. Boston Co.'s former president, William J. Nutt, purchased Boston Institutional Services Inc. from Lehman Brothers Inc., an American Express subsidiary.

Founded in 1971, Boston Institutional Services had been part of Boston Co. since 1986, but was transferred to Lehman Brothers when Boston Co. was sold last May. Boston Institutional Services provides securities execution and settlement services to a range of institutional clients, including mutual funds and pension plans.

Mr. Nutt left Boston Co. after its sale to Mellon, saying he wanted to acquire some companies.

|Attractive Client Base'

In a news release, Mr. Nutt said he acquired Boston Institutional Services because it has "a very attractive client base with growing needs for ever more sophisticated research products," and an excellent trading, operations, and marketing team.

He becomes chairman and chief executive officer. John W. Gomez will continue as president and chief operating officer, and Stanley M. Rinehart will remain as executive vice president and director of marketing.

Separately, Mellon said it is combining the trust and investment businesses of Mellon Bank, Boston Co., and Boston Safe Deposit and Trust Co., under a new banner: Mellon Trust.

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