LONDON, DUSSELDORF, Germany and NEW YORK, Nov. 30, 2012 /PRNewswire/ -- BNY Mellon announced today that it will rename WestLB Mellon Asset Management KAG to Meriten Investment Management GmbH (Meriten Investment Management), effective in December, 2012. Although Meriten Investment Management will no longer carry the term "Kapitalanlagegesellschaft" (regulated investment company under German law) in the name, it will continue to function as such and will provide the same services also going forward.
WestLB Mellon Asset Management was formed in early 2006 as a 50:50 joint venture between BNY Mellon and Portigon AG. The acquisition of the remaining 50% of the joint venture was completed on 01 October 2012. The company has over 170 employees and more than €26bn in assets under management.
Werner Taiber, CEO of Meriten Investment Management, commented on the name change: 'We believe that the positive connotations of merit and performance of the new name Meriten Investment Management reflect our corporate identity and investment philosophy. Understanding our clients' investment needs combined with our relentless commitment to delivering excellence is firmly anchored in our corporate history. The name reflects both our focus on adding value for our clients and the recognition already received for the quality of our strategies."
The choice of name was made after a thorough research process.
Curtis Arledge, CEO of BNY Mellon Investment Management, said: "Germany has one of the most sophisticated investment markets globally, and is a key strategic priority for BNY Mellon."
"We are committed to building on the solid foundation of Meriten Investment Management as we develop our plans to expand the business domestically and internationally," commented Mitchell Harris, President of BNY Mellon Investment Management.
Notes to Editors:
BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.4 trillion in assets under management. It encompasses BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.com.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering investment management and investment services through a worldwide client-focused team. It has $27.9 trillion in assets under custody and administration and $1.4 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.
Meriten Investment Management (formerly WestLB Mellon Asset Management KAG mbH) is a financial services company offering asset management services to institutional and wholesale clients and is a subsidiary of The Bank of New York Mellon Corporation. Meriten Investment Management manages assets totalling € 26.3 billion (as of 31 October 2012). Its client base includes corporations, pension funds, mutual funds, endowments, foundations, banks, central banks, savings banks, governmental agencies and insurance companies. Meriten Investment Management does not offer services in the U.S. Meriten Investment Management was founded in 1969 in Dusseldorf and has long established itself as one of the market-leading providers of special funds and fund management services in Germany. For further information, please visit www.wmam.com or www.meriten.com (soon to be launched).
All information source BNY Mellon as of 30 September 2012. This press release is qualified for issuance in the UK, Europe and the US and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Investment Management (US) and BNY Mellon Asset Management International Limited (ex-US) to members of the financial press and media and the information contained herein should not be construed as investment advice. Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Registered office of BNY Mellon Asset Management International Limited: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorized and regulated by the Financial Services Authority. A BNY Mellon Company
SOURCE BNY Mellon