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Mellon Buys Cleveland Investment Firm

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NU Online News Service, April 30, 12:15 p.m. – Mellon Financial Corp., Pittsburgh, says it has agreed to acquire Weber Fulton & Felman, Cleveland, an investment-management firm with a client base of wealthy families, not-for-profit organizations and retirement funds.

Mellon did not disclose the terms of the agreement.

Mellon says Weber Fulton will become part of its private wealth management group. The firm has offices in Columbus, Ohio, and Paducah, Ky., as well as Cleveland.

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The acquisition will add about $800 million in assets under management and administration to Mellon, which currently has more than $610 billion under management.

Martin McGuinn, Mellon’s chairman, says the acquisition fits Mellon’s strategy of acquiring fast-growing, fee-based businesses.

The agreement with Weber Fulton will be Mellon’s third acquisition for its private wealth management group in the last 18 months. The bank acquired the Trust Company of Washington, Seattle, in November 2000 and Van Deventer & Hoch, Glendale, Calif., in September 2001.