Mellon Financial agreed to acquire Evaluation Associates Capital Markets, which manages $4.5 billion in hedge fund of funds and manager-of-managers funds. The deal is expected to close in the third quarter; terms are not being disclosed, said Mike Dunn, Mellon spokesman. EACM was a division of investment consultant Evaluation Associates until it was purchased by Milliman USA in November. Philip N. Maisano, EACM chairman and CEO, and William C. Crerend, president, will continue to lead the unit. It will become a Mellon subsidiary but retain its name, said Mr. Dunn.