Mellon "Grows" New Asset Management Sub

September 26, 2001( - Mellon Financial Corporation has created a new asset management subsidiary, specializing in actively managed growth equity investing for institutional clients.

The formation of the new unit, Mellon Growth Advisors, is in line with Mellon’s long-term strategy of expanding its high-growth asset management businesses.

Operation of the new unit as an investment adviser is subject to completion of the registration process with the Securities and Exchange Commission.

In the interim, The Boston Company Asset Management, a registered investment adviser and subsidiary of Mellon Institutional Asset Management, will provide services for the new company though its Mellon Growth Advisors division.

Mellon Growth Advisers will operate as a distinct entity under the Mellon Institutional Asset Management umbrella.