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 EUR26bn 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.