Mellon Looks to Expand Wealth Management Business in Europe

Stephen Harris

9 June 2005

Mellon’s vice chairman Steven Elliott said his bank is looking to acquire as a way to expand its private wealth management business, particularly in Europe. Speaking at a conference in the US, Mr Elliott said: “"Our aspirations are to continue to look at some of the geographic areas we are not in.” Mr Elliott said a certain critical mass is needed for those businesses to work and building them from scratch takes too long. To date, such acquisitions have been of “modest” size, he said. Mellon is keen to grow its wealth management business in Europe, where it sees the biggest potential for growth. Currently, the bank owns Newton Investment Management, which is based in London and has around $7.3 billion of private clients money under management.