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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.