Mellon deepens relationship with WestLB
In a move that will deliver a product manufacturing capability in Australia, Mellon Global Investments Australia and WestLB Mellon Asset Management have extended their joint venture arrangement to cement Mellon as the distributor for all asset management products in Australia while WestLB focuses on manufacturing.
The Australian operation of WestLB Mellon Asset Management is a specialist Australian equity manager.
The arrangement, announced by Mellon’s Australian head James Gruver and WestLB Mellon Asset Management managing director Greg Vaughan comes just over 12 months after the two companies announced their 50/50 global joint venture.
As a result of the new arrangements, Don Russell has been appointed as director of institutional business development for Mellon Global Investment in Australia.
Vaughan said the new structure was the sensible evolutionary next step from the initial joint venture arrangement.
“The new structure allows us to focus purely on investment management, while taking advantage of the significant new business development resources of Mellon Global Investments in Australia,” he said.
Gruver said the strategy was consistent with Mellon’s existing institutional investment subsidiaries and would fill something of a gap in Mellon’s manufacturing capabilities in Australia.
Vaughan and Gruver said the net result of the new arrangement was Mellon would be responsible for distributing the asset management products of both the joint venture and Mellon’s 12 specialist asset management firms.
Vaughan said the arrangement made good sense given the relative capabilities of the two companies.
AUTHOR
Mike Taylor
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