BNY Mellon takes full ownership of WestLB Mellon Asset Management

BNY Mellon has fully acquired the WestLB Mellon Asset Management joint venture in which it already had a 50% stake.

The acquisition has given BNY Mellon 100% ownership of WestLB Mellon Asset Management after it bought out half of the business from German portfolio management and service company Portigon. Portigon was previously known as WestLB AG. WestLB Mellon Asset Management was formed in early 2006 as a 50:50 joint venture between BNY Mellon and Portigon and has over €25bn in assets under management. It is a German financial services company which offers services to institutional and wholesale clients. Werner Taiber, most recently a member of the managing board of Portigon, will be appointed...