BNY Mellon has acquired the remaining 50 per cent stake in joint venture WestLB Mellon Asset Management from German company Portigon.
The joint venture was formed in 2006 as a joint venture between Portigon (formerly known as WestLB) and has more than €25bn in assets under management.
Portigon board member Werner Taiber will become chief executive under the new regime, pending approval by German regulators.
BNY Mellon Investment Management president Mitchell Harris says: “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 per cent of our joint venture is a natural transition for us.”