Mellon Financial Buys Van Deventer & Hoch

Mellon Financial Corp. said it bought asset manager Van Deventer & Hoch for an undisclosed sum in a move to build up its investment operations aimed at the wealthy.

Glendale-based Van Deventer & Hoch manages or administers about $1 billion in funds for rich clients, which will beef up Mellon Private Asset Management, Mellon’s unit that manages money for rich individuals, families, charitable endowments and foundations.