Canaccord Genutiy advises WestLB on its 50:50 asset management joint venture with Mellon
WestLB Mellon Asset Management, the new name for the 50:50 joint venture to be formed by WestLB AG and Mellon Financial Corporation, launches to the marketplace in the first quarter of 2006. The new company has approximately 240 employees and more than £40 billion in assets under management.
The new asset management business combines WestLB's main asset management activities (WestAM) with Mellon's German asset management activities. The company includes WestAM's activities in Germany, the UK, Italy, Spain, the US, Australia and Japan and will be the exclusive distributor of Mellon products in Germany. WestLB's French banking subsidiary, Banque D’Orsay, will be the joint venture's exclusive distributor in France and also will become a distributor of Mellon's asset management products in France. Mellon will globally distribute the asset management products of both the joint venture and Banque D’Orsay.
The formal joint venture agreement was signed on 20 December 2005 and completion of the transaction is subject to regulatory consents (expected end Q1 2006).
Canaccord Genuity approached wide range of potential partners in both Europe and North America on behalf of WestLB during the process.
Canaccord Genuity advised WestLB on all aspects of the transaction from identifying the appropriate structure, approaching potential partners, negotiating and agreeing terms of the partnership deal with Mellon.
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