Mellon Financial Corp. announced Monday that it had completed the formation of a previously announced joint venture with WestLB AG to create a German asset management company.
The company, WestLB Mellon Asset Management, was started April 1 with about 250 employees and $38 billion of assets under management. An agreement in principle to create the 50-50 joint venture was announced Sept. 21, and the formal joint venture agreement was signed Dec. 20. Financial terms were not disclosed.
The new business combines WestLB's main asset management activities with Mellon's German asset management activities. It includes WestLB's asset management activities in Germany, the United Kingdom, Italy, Spain, the United States, Australia, and Japan and is the exclusive distributor of Mellon products in Germany.
WestLB's French banking subsidiary, Banque D'Orsay, is the joint venture's exclusive distributor in France and also will become a distributor of Mellon asset management products. The Pittsburgh banking company will globally distribute the asset management products of both the joint venture and the French bank.
