BNY MELLON yesterday bought US fixed income firm Cutwater Asset Management to add to its roster of asset management subsidiaries.
Cutwater, which manages $23bn (£14.3bn), will sit within BNY Mellon Investment Management (BNY-MIM) and work closely with London-based Insight Investment management, which is also owned by the New York custody bank.
Cutwater was previously owned by the Municipal Bond Insurance Association, also known as MBIA.
“Given the unprecedented interest in the fixed-income market at this time, we are excited by the opportunity to expand our investment offerings,” BNY-MIM boss Curtis Arledge said.
Cutwater will sit alongside BNYMIM’s other fund divisions Insight, Newton and Alcentra in the UK and Standish Mellon Asset Management and Mellon Capital Management in the US.