Bank of New York Mellon Corp. announced Tuesday that it had completed its purchase of Arx Capital Management, a Rio de Janeiro independent asset manager.
Arx Capital specializes in Brazilian multistrategy, long-short, and long-only investment strategies and has more than $2.8 billion of assets under management.
The price of the acquisition, which was announced on Nov. 13, was not disclosed. Arx Capital will be integrated into BNY Mellon Asset Management Brasil. The company said that the combined business will be one of the largest asset assets managers in the country.
Founded in 2001, Arx Capital manages 20 equity and hedge funds in domestic and offshore versions. BNY Mellon DTVM Brasil administers most of the funds.
Jose Alberto Tovar, Arx Capital's chief executive officer, is to head the integrated asset management business in Brazil.
