BNY Mellon has acquired the remaining half of Germany-based WestLB Mellon Asset Management, which it has held in a joint venture with Portigon (formerly WestLB AG) since 2006.
The transition to 100% BNY Mellon ownership will see Werner Taiber, who was most recently a member of the managing board of Portigon, appointed as CEO, pending regulatory approval.
Financial terms of the deal were not disclosed, but WestLB has over €25bn in AUM and 170 employees.
Source: Portfolio Adviser. Read full article here.