US-based Mellon Financial’s European expansion has been boosted by the purchase of Scottish equity investment firm Walter Scott & Partners i...

US-based Mellon Financial’s European expansion has been boosted by the purchase of Scottish equity investment firm Walter Scott & Partners in a deal that adds $27 billion of client assets. Although terms of the deal which is expected to complete by the end of September have not been disclosed analysts say that the price could be up to $500 million, based on assets under management. Edinburgh-based Walter Scott was founded in 1983 and will retain its name and management and will continue to operate independently. It employs around 60 people. Its eponymous founder will remain chairman and report to Ronald O'Hanley, president of Mellon Asset Management. The purchase is the first large acquisition by Mellon chief executive Bob Kelly who joined Mellon in February from Wachovia where he was chief financial officer.