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Business News Briefs: 6/8/02

Saturday, June 08, 2002

Pittsburgh Post-Gazette

Stephens promoted at Mellon

Karen Stephens has been named to Mellon Financial Corp.'s senior management committee and also has been appointed as Mellon's institutional marketing executive. Stephens, who joined Mellon in 1997, has been project manager of the bank's Market Coverage and Sale Effectiveness project, and previously was chief operations officer of Mellon Private Asset Management.

No place to be single

Pittsburgh is the worst place to be young and single among the country's top 40 metro areas, according to Forbes magazine. In Forbes' current issue, "square and stagnant" Pittsburgh finished behind Cincinnati, Norfolk and Detroit in a survey that measured night life, culture, job growth, cost of living, "buzz" and total number of singles in each metropolitan area. Boston finished first. Forbes cited the population loss between 1990 and 2000, the area's low-projected job growth and the fact that Allegheny County has the second-oldest population of any county in the nation. Forbes concluded that "Pittsburgh may be the best place in the world to watch a football game, but it's the worst place in America to be stuck with a lonely heart."

Mellon buys hedge fund firm

Sharpening its focus on institutional and high net worth clients, Mellon Financial Corp. said yesterday it agreed to acquire HBV Capital Management LLC, a New York- and London-based investment management company specializing in single-manager hedge funds. The price of the all-cash deal wasn't disclosed. HBV has roughly $530 million assets under management, Mellon said. The company will be renamed Mellon HBV Alternative Strategies.

Frazer mall deal advancing

Johnstown developer Damian Zamias is close to a deal with Arlington, Va.-based real estate investment trust Mills Corp. that would bring a $250 million retail and entertainment complex to Frazer. The project, a 1.2 million-square-foot enclosed mall, would replace the controversial, much-delayed Frazer Heights Galleria that Zamias has been trying to build for more than a decade. A Mills spokesman said Mills and Zamias hope to break ground in about a year. But first, the joint development proposal needs the approval of the U.S. Bankruptcy Court in Pittsburgh. Zamias, his father George and their firm Zamias Services Inc. filed for Chapter 11 bankruptcy protection last year.

NuRelm receives funding

NuRelm E-Business Software said it had received a second $100,000 investment from Innovation Works, the nonprofit venture capital organization. NuRelm, based in Uniontown, Fayette County, said the funding would help it expand into the mid-Atlantic region. The company employs 11 and said it has plans "to significantly increase its employee base."

Also in business ...

PNC Bank struck a deal with Simon Properties to place more than 300 ATMs in Simon-managed malls nationwide over the next five years, including at South Hills Village, Century III and Ross Park malls.

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