Mellon Bank Corp. has hired an Atlantan to run its new venture capital subsidiary.
Mellon, which is based in Pittsburgh, said Lawrence E. Mock Jr. will be president and CEO of the soon-to-be-formed Mellon Ventures.
Mr. Mock, 49, is a former partner in Atlanta-based River Capital Inc., a venture capital firm he helped found in 1983.
Mellon declined to disclose the subsidiary's initial capitalization.
Mr. Mock, who will manage the Mellon subsidiary in Pittsburgh, said his job will be to make investments of between $3 million and $10 million in companies in the southeastern and Middle Atlantic states.
Mellon Venture's target market will be companies with annual sales of $15 million to $150 million. It will emphasize growth financings and industry consolidation opportunities.
"Mellon is well positioned to capitalize on the venture capital marketplace," said Mellon chairman, president, and CEO Frank V. Cahouet, in a published statement.
"Forming a venture capital subsidiary will expand our product line and enable us to increase our customer base, and we are extremely pleased that Mr. Mock will head our new company."
Mr. Mock is a fixture of Atlanta's venture capital scene. During his 10 years with River Capital, the firm's three partnerships invested about $75 million in 10 small manufacturing and distribution companies and claimed returns in excess of 39% for its 66 investors.
Mr. Mock earned a bachelor's degree in government and economics from Harvard and a master's degree in systems planning from Florida State University.
He completed his postgraduate education at the London School of Economics.
He also served as a U.S. delegate to the United Nations and was selected as a White House Fellow, working as assistant to the administrator of the Environmental Protection Agency.
Mellon has $40 billion worth of balance sheet assets and $875 billion of assets under management.