The agreement with the Las Vegas area-based Paragon, will add nearly $600 million in client assets to Mellon. Mellon’s Private Wealth Management currently has more than $75 billion in client assets, according to news release.
Mellon’s sixth acquisition in its Private Wealth Management group in four years and second this year. Mellon acquired Seattle-based Safeco Trust Company in April, Georgia-based The Arden Group in 2003, Ohio-based Weber Fulton & Felman in 2002, California-based Van Deventer & Hoch in 2001, and The Trust Company of Washington in 2000.
The latest deal is expected to close in the third quarter. Terms of the agreement were not disclosed.