Mellon Financial Corp. announced Tuesday that one of its investment units, Mellon Equity Associates LLP, was selected to manage a small-cap value strategy for Prudential Retirement, a unit of Prudential Financial Inc.
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Mellon Equity's quantitative strategy is benchmarked against the Russell 2000 Value Index and uses a bottom-up stock selection process. Small-cap value assets under management have increased from $326 million to $1.9 billion in the last 18 months at the Mellon subsidiary.
Prudential Retirement offers plans for public, private, and nonprofit organizations. It had $138.5 billion of retirement account values at June 30.
Mellon Equity, based in Pittsburgh, had $21 billion of assets under management for 139 clients at June 30.
