Mellon Dives Back Into London This Time As Investment Manager

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Mellon Bank Corp. is set to plunge back into the London market after reducing its foreign exchange operations there about nine months ago. This time the Pittsburgh-based bank will dive back in as an investment manager with its plans to take a majority stake in Palomar Partners Ltd, pending regulatory approval.

The firm plans to use "quantitative investment techniques" to manage international equity, fixed income and currency products. While Palomar will not manage a currency fund per se, it w