PITTSBURGH - Mellon Bank Corp. said it completed its acquisition of Boston Co., a trust and money management subsidiary of Shearson Lehman Brothers, for $1.453 billion.
The acquisition, announced last September, increased Mellon's trust assets under administration to 700 billion, including approximately $150 billion under management. Mellon also said it ranks among the top five providers in institutional trust, mutual fund services, institutional asset management, and private banking.
Mellon's trust and investment business is headed by vice chairman W. Keith Smith. He added the titles of chairman and chief executive officer of Boston Co.
Lawrence S. Kash, a Mellon executive vice president who headed private banking, was named president and a director of Boston Co. and its subsidiary, Boston Safe Deposit and Trust Co. Christopher M. "Kip" Condron remained president of Boston Safe.