Press Releases

The Boston Company Asset Management Expands Into Core and Growth Investing Styles
—Mellon subsidiary adds capabilities and investment strategies—

BOSTON, March 10, 2003 — Mellon Financial Corporation today announced that The Boston Company Asset Management (TBCAM), a wholly owned subsidiary focusing on value investing, will expand its resources to provide a full range of fundamental investing styles, including value, core and growth. This enhancement will enable TBCAM to better meet the broad needs of institutional clients investing in active equity management products.

"The Boston Company Asset Management has achieved impressive long-term results for its clients by delivering outstanding investment performance and superior client service," said Corey Griffin, TBCAM president and chief executive officer. "Another reason for our success has been our powerful distribution network. By adding compelling capabilities to an already strong set of investment strategies, we intend to reinforce The Boston Company Asset Management's position as one of the industry's premier active equity managers."

As a first step, the equity group of Standish Mellon Asset Management and the large-capitalization growth investment team of Mellon Growth Advisors will move to the TBCAM platform. These units, both already part of Mellon's institutional asset management business, will retain their distinct investment styles and personnel. The combined investment personnel of the three firms will constitute one of the largest and most experienced teams in the industry dedicated to fundamental equity investing. These initial investments will boost TBCAM's assets under management by almost $3 billion, bringing its total asset base to $24 billion.

David Cameron, current head of equity strategies at Standish Mellon Asset Management, will be responsible for the newly added teams at TBCAM. "We are excited about the prospects for this new organization," Cameron said. "Our clients will benefit from an expanded knowledge base of equity investment professionals who all share a compatible philosophy of disciplined research, integrity and a commitment to client service. Clients will also benefit from the scale and market clout of The Boston Company Asset Management's trading operations and its large base of resources."

"For the foreseeable future, we believe that superior investment results for clients will be achieved only by those firms that make an unwavering commitment to investing in a broad set of skills that maximize security selection capabilities," said Ronald P. O'Hanley, Mellon vice chairman and president of Mellon Institutional Asset Management. "The professionals of these three Mellon firms bring an extraordinary wealth of fundamental equity investing capability to the single objective of superior investment returns for our clients."

The Boston Company Asset Management, LLC is a global asset management firm offering domestic, international and balanced strategies to defined benefit, defined contribution and other funds of public, corporate and Taft-Hartley plans, as well as investment services to endowment and foundation organizations; sub-advisory services are offered as well. The Boston Company was founded in 1970 and as of December 31, 2002 managed $20.4 billion in assets.

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 $2.9 trillion in assets under management, administration or custody, including $581 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.