Mellon Financial Corporation has completed the acquisition of Walter Scott & Partners Limited, an Edinburgh, Scotland-based equity investment firm specialising in global and international strategies.
The transaction was paid for in a combination of cash, Mellon stock and loan notes.
“The acquisition of Walter Scott & Partners Limited is consistent with our ongoing strategy to add global investing capabilities to our very successful asset management franchise,” says Robert P. Kelly, the chairman, president and CEO of Mellon. “The transaction is also attractive to our shareholders, as it is expected to generate an internal rate of return.”
The acquisition of Walter Scott & Partners Limited, which has approximately $29 billion under management, gives Mellon approximately $900 billion in assets under management.
“This acquisition significantly increases our assets under management, and enhances our breadth of investment strategies and clients reached worldwide,” adds Ronald P. O’Hanley, the vice chairman and president of Mellon Asset Management.
Walter Scott & Partners Limited will remain an independent subsidiary within Mellon’s asset management model, retaining its name and location. Day-to-day management will reside with the current team, which includes Walter Scott, the company’s founder; Alan McFarlane, its managing director; and other senior managers.