BNY Mellon buys joint venture

BNY Mellon yesterday announced it had taken full ownership of WestLB Mellon Asset Management, buying 50 per cent of the German firm from its joint venture partner Portigon. The two groups set up WestLB Mellon Asset Management in early 2006, each owning 50 per cent. It now has more than 170 employees and €25bn (£20bn) in assets under management. The deal’s price was not disclosed.