SOUTH AMERICA - The Bank of New York Mellon Corporation has completed the acquisition ARX Capital Management, an independent asset management business headquartered in Rio de Janeiro, Brazil.
The firm will be integrated with BNY Mellon Asset Management Brasil and José Alberto Tovar, CEO of ARX will become the head of the integrated asset management business, reporting to Zeca Oliveira.
Jonathan Little, vice-chairman of BNY Mellon Asset Management, said the acquisition significantly enhanced its capabilities in the region and would add a strong product offering to help drive the development of its business internationally.
He said: "Moreover, it fits with our strategic objective of growing our footprint in developing markets. The business is continuing to exceed our expectations with close to 100% client retention during the period since we announced the acquisition. "
ARX Capital Management, which was founded in 2001, manages 20 equity and hedge funds, in domestic and offshore versions. BNY Mellon DTVM Brasil is the administrator for the majority of the funds.
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