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BNY Mellon completes acquisition of WestLB Mellon
by Emma Dunkley on Oct 02, 2012 at 10:09
BNY Mellon has acquired the remaining 50% of its joint venture with German investment firm WestLB Mellon Asset Management from Portigon.
Following the transaction, Werner Taiber has been named the new chief executive of the WestLB Management, which was formed in early 2006 as a 50-50 joint venture between BNY Mellon and Portigon.
Taiber, who will be chief of the firm with 170 employees and more than €25 billion in assets under management, was most recently a member of the managing board of Portigon.
In his role, Taiber will report to Mitchell Harris, president of BNY Mellon Investment Management, and Curtis Arledge, chief executive of BNY Investment Management.
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% of our joint venture is a natural transition for us.’
WestLB Mellon AM offers asset management services to institutional and wholesale clients.
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