8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) – December 5, 2006

MELLON FINANCIAL CORPORATION

(Exact name of registrant as specified in charter)

Pennsylvania	1-7410	25-1233834
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

One Mellon Center 500 Grant Street Pittsburgh, Pennsylvania	15258
(Address of principal executive offices)	(Zip code)

Registrant’s telephone number, including area code – (412) 234-5000

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 8.01. OTHER EVENTS.

By press release dated December 5, 2006, the Registrant announced that it has reached an agreement to sell its Mellon HBV Alternative Strategies LLC unit (“HBV”) to Mickey Harley, chief executive officer of HBV. Terms of the transaction, which is scheduled to close by the end of the fourth quarter of 2006, were not disclosed.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) EXHIBITS.

Exhibit Number	Description
99.1	Press Release dated December 5, 2006, announcing the matter referenced in Item 8.01 above.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MELLON FINANCIAL CORPORATION
Date: December 6, 2006	By:	/s/ Carl Krasik
		Carl Krasik General Counsel and Corporate Secretary

EXHIBIT INDEX

Number	Description	Method of Filing
99.1	Press Release dated December 5, 2006.	Filed herewith

EX-99.1

Exhibit 99.1

	News Release
Mike Dunn	Corporate Affairs
212-922-7859	200 Park Avenue
dunn.mg@mellon.com	New York, NY 10166

FOR IMMEDIATE RELEASE

MELLON FINANCIAL SIGNS AGREEMENT

TO SELL HBV ALTERNATIVE STRATEGIES UNIT

PITTSBURGH, December 5, 2006 – Mellon Financial Corporation has reached an agreement to sell its Mellon HBV Alternative Strategies LLC unit to Mickey Harley, chief executive officer of HBV.

Terms of the transaction, which is scheduled to close by the end of the fourth quarter of 2006, were not disclosed. HBV will be renamed Fursa Alternative Strategies LLC after the closing.

“As Mellon has grown its alternative assets, it has focused on more liquid strategies, ranging from market neutral to currency to macro hedge strategies. On the other hand, Fursa intends to explore increasing its emphasis on principal and activist approaches,” said Phil Maisano, head of alternative strategies for Mellon Asset Management. “Mellon and Fursa have mutually agreed that this separation is in the best interest of both parties, as well as for investors in HBV funds.”

Maisano added that Mellon will continue to expand its alternative capabilities to complement its diverse asset management operations. “Mellon’s assets under management in alternative strategies have been growing rapidly and now account for more than $20 billion, up from $644 million in 2001,” he said.

“We believe Fursa can pursue its more principal-oriented investment strategies more effectively as a separate entity,” Harley said.

Mellon Asset Management is a leading global provider of investment management products and services that offer a broad range of equity, fixed-income, hedge and liquidity management products through individual asset management companies and multiple distribution channels.

Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world’s leading providers of financial services for institutions, corporations and high net worth individuals, providing asset management, private wealth management, asset servicing and payment solutions and investor services. Mellon has approximately $5.3 trillion in assets under management, administration or custody, including $918 billion under management. News and other information about Mellon is available at www.mellon.com.

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