Mellon Financial Corp. has agreed to acquire New Jersey-based hedge fund administrator DPM.
DPM, which oversees USD 30 billion, provides administrative services such as record keeping and trade reporting for 91 clients.
James P. Palermo, Mellon vice chairman and president of Mellon Global Securities Services, said the acquisition "enables Mellon to meet the needs of clients who increasingly are seeking custodians with hedge fund expertise."
Last year, Mellon bought Connecticut asset manager Evaluation Associates Capital Markets, which manages funds of hedge funds.
The DPM transaction is expected to be completed by the end of the first quarter.