BNY Mellon purchased the remaining stakes of its WestLB Mellon Asset Management joint venture from Portigon, a German portfolio management and service company.
Formerly known as WestLB AG, WestLB Mellon Asset Management was formed in 2006 as a 50:50 joint venture between BNY Mellon and Portigon.
Werner Taiber, member of the managing board of Portigon, will be the new chief executive officer. His appointment is still subject to approval by German regulators.
The company has more than 170 employees, with assets under management exceeding €25 billion.
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