Mellon Financial Corp. has brought out a mammoth new fund in Asia: a $3 billion, highly diversified offering from UK-based subsidiary Mellon Global Investments, managed in part by other subsidiaries and aimed primarily at the Japanese retail market.

The Nikko Mellon GW Select Best Nine Fund, a global fund of funds, will be distributed by Nikko Cordial Securities, managed by Mellon's substantial Japanese business, and will invest in nine asset classes, including equities, bonds, and alternative investments.

"It is literally the largest fund launch Mellon has ever undertaken," confirmed spokesperson Ron Sommer.

Besides its birth weight, so to speak, the fund is notable for "the range of Mellon asset management shops that are advising on the fund," Sommer added. While there's "no end of debate" on issues of scale and focus, "Mellon is one of the asset managers that contends it's best for individual shops to have a tight focus, with products that tap into the abilities of the individual shops."

Five Mellon subsidiaries will be among active managers of the fund's funds: Franklin Portfolio Associates, Newton Investment Management, Standish Mellon Asset Management, The Boston Company Asset Management, and Mellon HBV.  

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