Furthering its bid to become a global asset manager, Mellon Bank Corp. said Friday that it plans to acquire a majority stake in a leading British investment firm, Newton Management Ltd.

The Pittsburgh banking company would acquire 75% of Newton, which manages $20.4 billion of assets, for about $207 million in cash and loan notes. Mellon said the deal, which is subject to regulatory approval on both sides of the Atlantic, is expected to close within two months.

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