Bank of New York Mellon (BNY Mellon) has bought the remaining 50% of its WestLB Mellon Asset Management joint venture from the German portfolio management and service firm Portigon, for an undisclosed sum.

WestLB Mellon Asset Management was set up in 2006 and currently has more than 170 employees and over €25bn in assets under management.

Upon completion of the acquisition, Werner Taiber will be appointed as the new CEO of the fully acquired entity, which is subject to German regulatory approval.

Taiber, former member of the managing board of Portigon, will report to Harris as well as Curtis Arledge, CEO of BNY Mellon Investment Management.

BNY Mellon Investment Management president Mitchell Harris said the completion of remaining stake in the joint venture is profitable for the company, as Germany is an ideal country for investment business.

Trading in 36 geographies and serving over 100 markets, BNY Mellon has $27.1 trillion in assets under custody and administration, $1.3 trillion in assets under management, $11.5 trillion in outstanding debt and processes global payments averaging to $1.4 trillion per day.