GLOBAL - WestLB Mellon Asset Management, the new name for the 50/50 joint venture to be formed by WestLB AG and Mellon Financial Corporation, will be launched in Q1 2006 with approximately e40bn in AuM.
This new asset management business will combine WestLB’s main asset management activities (presently branded WestAM) with Mellon’s German asset management activities.
Jon Little, CEO of Mellon Global Investments and chairman designate of WestLB Mellon Asset Management, said: “The strong fit between the product and distribution profiles of Mellon and WestLB makes this joint venture a compelling business proposition for both parties.”
The company will include WestAM’s activities in Germany, the UK, Italy, Spain, the US, Australia and Japan and will be the exclusive distributor of Mellon products in Germany.
WestLB’s French banking subsidiary, Banque D’Orsay (BDO), will be the joint venture’s exclusive distributor in France and also will become a distributor of Mellon’s asset management products in France. Mellon will globally distribute the asset management products of both the joint venture and BDO.
The formal agreement was signed yesterday (December 20). Financial terms have not yet been disclosed. WestLB was advised by Hawkpoint Partners Limited and Mellon by Lazard & Co. Limited.
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