Mellon Global Investments and Ahli United Bank (AUB) are to establish a joint venture offering investment management services in the Middle East.
The proposed joint venture company will be called Mellon Ahli Asset Management (Mellon Ahli).
As part of the deal AUB intends to appoint Mellon Ahli to manage AUB's existing clients' assets. In turn, Mellon Ahli will appoint Mellon subsidiaries Mellon Global Alternative Investments and Newton Investment Management to manage the assets on a sub-advisory basis.
Mellon Ahli will be 70% owned by Mellon and 30% by AUB. It will give AUB and its clients the benefit of Mellon's global investment management capability, particularly in the fixed interest field, and provide Mellon with a distribution capability in the Middle East.
AUB was formed as a result of the merger in 2000 of Al Ahli Commercial Bank and the United Bank of Kuwait.
* Yesterday, the day following the announcement of the deal, Mellon anounced today that Steve Canter, chairman and chief executive officer of the Dreyfus Corporation - another of its asset management companies - and Ronald O'Hanley, president of Mellon Institutional Asset Management, have been named vice chairmen by the corporation's board of directors.
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