BNY Mellon acquires WestLB Mellon Asset Management from Portigon
By Drew Carter | October 2, 2012 1:44 pm
BNY Mellon acquired the remaining 50% of its Dusseldorf, Germany-WestLB Mellon Asset Management joint venture from Portigon, formerly WestLB AG, BNY Mellon spokeswoman Sarah Deutscher confirmed.
Terms of the sale, which closed Monday, were not disclosed.
Pending approval from regulators in Germany, Werner Taiber will become CEO of WestLB Mellon Asset Management. Mr. Taiber, formerly a board member at Portigon, replaces Norbert Becker, who served as interim CEO. Mr. Becker returns to his previous position as deputy CEO at the firm.
WestLB will be rebranded in the future, Ms. Deutscher said. However, she did not know when that might happen.
WestLB Mellon Asset Management, formed as a joint venture in 2006, manages €25.5 billion ($32.8 billion).
On Sept. 18, BNY Mellon announced it was moving Standish Mellon Asset Management's high-yield bond team to affiliate Alcentra NY as part of a broader reorganization of BNY Mellon Asset Management's fixed-income capabilities. Four days before that, the firm said its currency manager Pareto Investment Management would become a unit within LDI specialist Insight Investment Management.
Mitchell Harris, president of parent BNY Mellon Investment Management, was not available by press time to comment on possible further reorganization plans at the firm, Ms. Deutscher said.