A consulting firm formed by Mellon Bank Corp. and Frank Russell Co. was opened for business last Friday with 1,100 institutional clients.

Russell/Mellon Analytical Services, based in Boston, measures and analyzes the portfolio performance of clients with a combined $2 trillion of assets. The joint venture has been in the works for a year.

William C. Pryor, a veteran of Pittsburgh-based Mellon, is the firm's chief executive officer.

The business' launching coincided with Northwestern Mutual Life Insurance Co.'s acquisition of Frank Russell Co. Its $40 billion of assets under management lift total assets managed by Northwestern to $110 billion.

Russell, well known for stock market indexes like the Russell 2000, will retain its name and headquarters in Tacoma, Wash.

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