The Bank of New York Mellon Corporation has completed the acquisition of ARX Capital Management, an independent asset management business headquartered in Rio de Janeiro, Brazil.
ARX Capital Management specialises in Brazilian multi-strategy, long/short and long only investment strategies and has more than US$2.8bn in assets under management. Terms of the transaction, which was first announced on 13 November 2007, were not disclosed.
ARX Capital Management will be integrated with BNY Mellon Asset Management Brasil with the combined business becoming one of the leading asset managers in the country.
“The acquisition of ARX Capital Management significantly enhances our capabilities in the region and will add a strong product offering to help drive the development of our business internationally. Moreover, it fits with our strategic objective of growing our footprint in developing markets. The business is continuing to exceed our expectations with close to 100% client retention during the period since we announced the acquisition,” says Jonathan Little, vice-chairman, BNY Mellon Asset Management.
“Our integrated business will complement our focus in the institutional marketplace with the addition of high net worth individuals and family office, accelerating our success in expanding the depth and breadth of our client base, and increasing our focus on attracting and retaining talent,” adds Zeca Oliveira, country head, BNY Mellon Brasil.
Founded in 2001, ARX Capital Management has capitalised on the significant growth in the region by building a strong local investor base. The company manages 20 equity and hedge funds, in domestic and offshore versions. BNY Mellon DTVM Brasil is the administrator for the majority of the funds.
Jos Alberto Tovar, CEO of ARX Capital Management, will become the head of the integrated asset management business in Brazil, reporting to Zeca Oliveira.