BNY Mellon has acquired the remaining 50% of its WestLB Mellon Asset Management joint venture from Portigon (formerly known as WestLB), the German portfolio management and service company.
WestLB Mellon Asset Management was formed in early 2006 as a 50:50 joint venture between BNY Mellon and Portigon. The company has over 170 employees and more than EUR25bn in assets under management.
Werner Taiber, who has most recently been a member of the Managing Board of Portigon, will be the new CEO.
Mitchell Harris, president of BNY Mellon Investment Management, 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% of our joint venture is a natural transition for us.”
Financial terms of the transaction were not disclosed.
WestLB Mellon Asset Management KAG manages assets totaling 25.5 billion.
(JDC)