Mellon Financial Corporation, the US fund manager and asset servicing company which is announcing the results of a strategic review next month, said assets under management had grown to record levels.

Mellon said assets under management increased by a fifth from a year ago to $918bn (€734bn) at the end of last month. The total does not include over $28bn of assets from its acquisition of Walter Scott & Partners, the Scottish fund manager, which completed on October 2.