Werner Taiber named as new CEO
BNY Mellon has purchased the remaining 50% of its WestLB Mellon Asset Management joint venture from Portigon (formerly known as WestLB AG), the German portfolio management and service company.
WestLB Mellon Asset Management was formed in early 2006 as a 50:50 joint venture between BNY Mellon and Portigon. The company has over 170 employees and more than EUR25bn in assets under management.
Werner Taiber, who has most recently been a member of the Managing Board of Portigon, will be the new CEO. This appointment is pending approval by German regulators.
Mitchell Harris, president of BNY Mellon Investment Management, said: "The completion of this transaction is an important milestone for us. Germany has one of the most sophisticated investment industries globally, and is a key strategic priority for BNY Mellon. Acquiring the remaining 50% of our joint venture is a natural transition for us."
Commenting on the new CEO, Harris said: "Werner Taiber is an experienced and well regarded leader who has a deep understanding of the German markets. Working with him and the rest of our German leadership team, I am looking forward to deepening our relationships with our German clients, and helping them to achieve their strategic investment objectives."
Taiber will report to Harris and Curtis Arledge, CEO of BNY Mellon Investment Management.
Taiber said: "Since its formation in 2006, WestLB Mellon Asset Management has enjoyed the benefits of being linked to BNY Mellon's global distribution network, while retaining the experience of a leading German Landesbank. We have a strong foundation to build on as we develop our plans to expand domestically and internationally and build out our investment business."
Financial terms of the transaction were not disclosed.