Mellon Financial has bought City Capital, an Atlanta-based wealth management firm with around $800 million of assets under management. Terms...

Mellon Financial has bought City Capital, an Atlanta-based wealth management firm with around $800 million of assets under management. Terms of the deal were not disclosed. Mellon said City Capital will operate as part of Mellon’s Boston-based private wealth management group, Mellon Private Wealth Management. It is Mellon's second acquisition of a Georgia money manager. In July 2003, Mellon acquired the Arden Group, another Atlanta investment advisor. Last year, Mellon acquired firms in Seattle, Las Vegas and Providence. Mellon Private Wealth Management has 59 offices throughout the US. Mellon Private Wealth Management now has around $78 billion of assets under management, making it one of the largest wealth managers in the US. Mellon also recently entered into a joint venture with German bank WestLB to launch an asset management firm targeting institutional and high net worth investors throughout Germany.