Mellon Acquires Paragon Asset Management

July 12, 2004 ( - Mellon Financial Corporation is acquiring Paragon Asset Management Company.

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.