Mellon Financial buys HBV Capital Management

Mellon Financial is to buy HBV Capital Management, a US-based event-driven hedge fund manager.

HBV, which has $530m (€560m) under management, is expected to close the deal by the end of the second quarter of 2002. It will be an all-cash deal, with initial consideration due at closing and further consideration contingent on HBV's future performance.

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