will broaden distribution of its investment products in Europe through a new deal with German asset manager WestLB AG
, according to a Mellon release
Mellon and WestLB plan to form a joint venture called WestAM out of Mellon's German asset management business and WestLB's asset management business.
WestAM will be the exclusive distributor of Mellon's products in Germany, while WestLB subsidiary Banque D'Orsay will be the exclusive distributor of Mellon's products in France. Mellon will distribute Banque D'Orsay's products globally.
“Consistent with our strategy, this partnership enables WestLB to focus on its client and distribution strengths and Mellon to leverage its recognized asset management product strengths," said Ron O’Hanley
, president of Mellon Institutional Asset Management in a statement.
The deal is expected to be effective in early 2006.
Luke Nunneley, global head of asset management at WestLB, will head the joint venture.
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