Administration August 5, 2002

Mellon Makes UK Purchase

May 8, 2002 (PLANSPONSOR.com) - Newton Investment Management, Mellon Financial Corporation's UK private client asset management subsidiary, is buying Henderson Private Asset Management (HPAM).

Reported by

Fred Schneyer

According to the announcement, HPAM employees will be transferred to Newton’s Private Investment Management Division this summer. The parties did not disclose the deal’s terms.

The transaction will result in Newton’s private client and charities funds under management rising by 25% to approximately $7.4 billion. HPAM currently manages approximately $1.36 billion for more than 1,000 high-net-worth individuals, private trusts, and charities.

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Henderson is the investment management subsidiary of AMP, the international financial services group.

The London-based Newton has offices in Edinburgh, Leeds, Guernsey, and the Isle of Man.