Mellon Financial Corp. announced Wednesday that it had closed its purchase of Evaluation Associates Capital Markets, a hedge-fund-of-funds firm in Norwalk, Conn.
Evaluation Associates manages $4.6 billion of assets. It has $2.9 billion of hedge-fund-of-funds assets. In its manager-of-managers strategies, it manages about $1.7 billion.
The Connecticut firm will continue to be run by Phillip N. Maisano, its chairman and chief executive, and William C. Crerend, the president. It becomes part of Mellon Institutional Asset Management.
This completes one of Mellon Institutional's two deals announced this year. Last week, Mellon said it had signed a definitive agreement to buy the 70% of Pareto Partners, a London-based currency manager, that is owned by Pareto's employees and XL Capital Ltd.
It already owned a 30% stake.
