GLENDALE, Calif. - Mellon Financial Corp. of Pittsburgh announced Monday that it has agreed to buy Van Deventer & Hoch, a Glendale, Calif., high-net-worth investment management firm.
According to a press statement from Mellon, Van Deventer & Hoch would operate as part of its Mellon Private Asset Management.
The acquisition - which is expected to close by the end of the third quarter - would add approximately $1 billion of assets under management and administration to Mellon Private Asset Management, the statement said.
Terms of the deal were not disclosed. Mellon Financial has $2.8 trillion of assets under management, administration or custody.