Press Releases

Newton Completes Purchase of Henderson's Private Asset Management Business

LONDON, September 2, 2002—Newton Investment Management Limited, the primary UK asset management subsidiary of Mellon Financial Corporation, has completed the acquisition of Henderson Global Investors Limited's private clients and charities asset management business. The acquisition of this business, branded Henderson Private Asset Management (HPAM), was completed on 30 August and HPAM staff have transferred to Newton's Private Investment Management (PIM) division.

Approximately 95% of HPAM clients have either transferred or committed to transfer their accounts to Newton. The transaction has resulted in Newton's private client and charities funds under management rising by 25 percent to approximately £4.5bn. The acquisition marks a significant step in the continuing development of Newton's private investment management business, which has won the top awards for service quality among affluent investors in the prestigious Private Asset Managers survey for four consecutive years.

Mark Rayward, Managing Director of Newton PIM, said:
"We're delighted that such a high proportion of clients have agreed to move their business to Newton, which is a positive reflection of the high standards of the transferring HPAM team. This high conversion rate also reflects client confidence in Newton's investment process, performance, award-winning service and our long-term commitment to the private client and charities asset management market."

Mellon Financial Corporation is one of the world's leading private wealth managers, with around £40bn of private client assets under management. Its experience in this business dates from Mellon's founding in 1869. Newton PIM represents an important international element of Mellon's core wealth management capabilities.

Newton
Newton Investment Management Limited is a London-based UK asset management subsidiary of Mellon Financial Corporation. With assets of almost £22 billion, the company provides a broad range of award-winning investment products and services to individuals, pension funds, charities and corporations. Newton has operations in London, Edinburgh, Leeds, Guernsey, Jersey and the Isle of Man. News and other information about Newton is available at www.newton.co.uk.

Mellon Financial Corporation
Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and affluent individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources services and treasury services. Mellon has approximately $2.8 trillion in assets under management, administration or custody, including $588 billion under management. Its asset management companies include The Dreyfus Corporation and U.K.-based Newton Investment Management Limited. News and other information about Mellon is available at www.mellon.com.