Mellon Financial Corp. said its assets under management have doubled in the last three years to about $511 billion.
The Pittsburgh-based bank is now the sixth-largest asset manager in the United States.
The rise is in part the result of Mellon's renewed focus on the asset management business, according to Christopher M. Condron, Mellon's president and chief operating officer.
The $511 is split among a number of units:
- $133 billion in mutual funds at Dreyfus Corp. and Founders Asset Management
- $33 billion in assets for non-U.S. clients managed mainly by Newton Investment Management
- $254 billion in institutional assets and in investment subsidiaries, including The Boston Company Asset Management, Certus Asset Advisors, Franklin Portfolio Associates, Mellon Bond Associates, Mellon Capital Management Corporation, Mellon Equity Associates, and minority investments in Pareto Partners and Prime Advisors.
- $50 billion in private-client assets at Mellon Private Asset Management
- $41 billion at Mellon Global Securities Lending
The bank has significantly added to its presence overseas, particularly in Europe, Asia, and Latin America.