BNY Mellon Asset Management's acquisition of fund units in London and Australia is part of its strategy to expand "opportunistically" overseas — including potentially in Asia — as competitors contract, a top officer says.

Jon Little, a vice chairman at the Bank of New York Mellon Corp. unit, said the two fund units — Blackfriars Asset Management in London and Ankura Capital in Sydney — added only about $3 billion of assets under management but could pay bigger dividends down the road. They were launched Monday as wholly owned units of BNY Mellon Asset Management after a December deal with Germany's WestLB.

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