Reuters – Mellon Financial Corp. (MEL.N: Quote, Profile, Research) on Wednesday defended itsrecord and rejected calls from one its largest investors to split its investment management and processing businesses to help boost the company’s share price.
In a firmly worded letter, Mellon Chief Executive Officer Martin McGuinn told hedge fund Highfields Capital, “We are committed to the asset management and asset servicing business and our clients understand this commitment.”
McGuinn, who has led the Pittsburgh-based company since 1999, and Mellon’s board are being criticized by the Boston-based hedge fund for failing to earn shareholders more money in the last few years.
