Mellon Financial is in "late-stage" talks to acquire a substantial stake in a German asset management firm, reports the Financial Times. Mellon could acquire up to 50 percent of WestAM, the asset management arm of German bank WestLB.

WestAM manages approximately $81 billion in assets, according to the Times. The deal would give Mellon access to WestLB's distribution channel, while adding mass to WestAM's operations.

The Times reports that a letter of agreement on the deal is expected by mid-September.  

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