Mellon has bought Van Deventer & Hoch, an asset manager with $1 billion in assets under management.

"This acquisition, the latest addition to our asset management business, is part of Mellon's growth strategy of investing in our fee-based, high growth businesses," said Martin G. McGuinn, Mellon chairman and chief executive officer.

Van Deventer & Hoch is headquartered in Glendale, California. The deal is expected to close by 2001, although terms of the deal were not disclosed.

The new acquisition will operate as part of Mellon Private Asset Management. The Pittsburgh-based complex has $2.8 trillion in assets under management, administration or custody, including $520 billion under management. 

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