Mellon snaps up high-net-worth manager

Mellon Financial will acquire The Providence Group Investment Advisory Co., a high-net-worth manager with $750 million in assets under management, said Joe Ailinger, Mellon spokesman. The acquisition, to be completed in the fourth quarter, will be Mellon's third this year for its $75 billion private wealth management group. Mr. Ailinger declined to disclose terms of the deal. Donald Quattrucci, Providence senior vice president of sales, will become Mellon's regional president of Rhode Island.