Mellon Financial Corporation is forming a joint venture with WestLB AG, called WestLB Mellon Asset Management, and it will be launched in the first quarter of 2006. It will employ approximately 240 people and will have about $47.5 billion in assets under management.
The new asset management firm will combine WestLB's main asset management activities with Mellon's German asset management activities. The company will include WestAM's activities in Germany, the U.K., Italy, Spain, the U.S., Australia and Japan, and will be the exclusive distributor of Mellon products in Germany.
"I am delighted to announce the creation of the new venture. With global reach for our current award winning products, access to capabilities offered by other Mellon managers and enhanced distribution both for Mellon and WestLB, I am looking forward to a successful first year for the new business," said Luke Nunneley, CEO-designate of WestLB Mellon Asset Management.
"The strong fit between the product and distribution files of Mellon and WestLB makes this joint venture a compelling business for proposition for both parties, With a trend towards consolidation and focus in the European financial services industry, I am confident our combined expertise will soon position WestLB Mellon Asset Management as one of the leading specialist asset managers in Europe," added John Little, CEO of Mellon Global Investments and chairman-designate of WestLB Mellon Asset Management.