BNY Mellon buys other half of asset management firm
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BNY Mellon buys other half of asset management firm 02 October 2012London Reporter: Jenna Jones
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BNY Mellon has bought the remaining 50 percent of its WestLB Mellon Asset Management scheme.
WestLB Mellon Asset Management was formed in 2006 as a 50:50 joint venture between BNY Mellon and German portfolio management and service company, Portigon (formerly known as WestLB AG).
The company has over 170 employees and more than €25bn in assets under management.
President of BNY Mellon Investment Management, Mitchell Harris said: "The completion of this transaction is an important milestone for us. Germany has one of the most sophisticated investment industries globally, and is a key strategic priority for BNY Mellon. Acquiring the remaining 50 percent of our joint venture is a natural transition for us."
Former member of the managing board of Portigon, Werner Taiber, will be the new CEO of the asset management scheme, pending approval by German regulators.
Taiber will report to Harris and Curtis Arledge, CEO of BNY Mellon Investment Management.
Commenting on his appointment, Taiber said: "Since its formation in 2006, WestLB Mellon Asset Management has enjoyed the benefits of being linked to BNY Mellon's global distribution network, while retaining the experience of a leading German Landesbank. We have a strong foundation to build on as we develop our plans to expand domestically and internationally and build out our investment business."
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