NEW YORK (AP) -- Financial services company BNY Mellon has purchased the 50 percent stake of WestLB Mellon Asset Management that it doesn't already own from joint venture partner Portigon.
Financial terms were not disclosed.
Portigon is a German portfolio management and service company. BNY Mellon and Portigon created the WestLB joint venture in early 2006, with both holding a 50 percent stake.
"Germany has one of the most sophisticated investment industries globally, and is a key strategic priority for BNY Mellon. Acquiring the remaining 50 percent of our joint venture is a natural transition for us," Mitchell Harris, president of BNY Mellon Investment Management, said in a statement.
Werner Taiber, a member of Portigon's managing board, will be the new CEO of WestLB, pending approval from German regulators. He will report to Harris and Curtis Arledge, CEO of BNY Mellon Investment Management.
BNY Mellon is a corporate brand of The Bank of New York Mellon Corp.
Shares of Bank of New York Mellon finished at $22.93 on Monday. They have fallen from a 52-week high of $24.72 on April 3. They are up from a low of $17.10 a year ago.