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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Providence Group Investment Advisory Co.
  • Mellon Financial Corporation
  • Wealth Management Firms
  • September 7, 2004
  • $750 Million

Seller Details

The Providence Group Investment Advisory Company, a privately-held, Providence-based investment management firm specializes in meeting the investment needs of high net worth individuals and families. The Providence Group has more than $750 million in client assets.

Buyer Details

Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources services and treasury services. Mellon has more than $3.6 trillion in assets under management, administration or custody, including more than $675 billion under management.

Mellon's Private Wealth Management group has more than $75 billion in client assets and maintains more than 60 offices nationwide. The Providence Group is Mellon's seventh acquisition in its Private Wealth Management group in four years and third this year.

Transaction Summary

This acquisition provides Mellon with a physical presence in the Rhode Island market, an important market for Mellon which has long been served from the Boston headquarters. For the Providence Group, the affiliation with Mellon will enable the Company to provide its clients a broader array of services and products, including strategic asset allocation expertise, alternative investments, and fiduciary powers.

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