BNY Mellon Asset Management Awarded $388M International Funds Mandate by Woori Asset Management
July 21 2009 - 3:21AM
PR Newswire (US)
HONG KONG, LONDON & NEW YORK, July 21 /PRNewswire-FirstCall/ --
BNY Mellon Asset Management, the global asset management arm of The
Bank of New York Mellon, has announced that a selection of its
boutique asset managers has been appointed to sub-manage a range of
international investment funds on behalf of Woori Asset Management,
the asset management subsidiary of Woori Financial Group. Woori
Financial Group is one of the largest financial groups in South
Korea. Woori Asset Management is the seventh largest asset manager
in South Korea with approximately KRW15 trillion (US$10.1 billion)
of assets under management. The US$388 million mandate, comprising
ten regional and sector equity mandates, will be split amongst BNY
Mellon Asset Management's investment boutiques, including:
Blackfriars Asset Management, Mellon Capital Management (Mellon
Capital) and WestLB Mellon Asset Management (WMAM). The boutique
asset managers offer a wealth of investment experience.
Headquartered in London with US$2.3bn in assets under management,
Blackfriars focuses on global and regional emerging markets equity,
debt, and global fixed income. San Francisco-based Mellon Capital
is one of BNY Mellon's specialist asset managers focused on
fundamentally-based global quantitative strategies and has a
tradition of investment management innovation spanning over 30
years. WMAM is a 50:50 joint venture between WestLB and The Bank of
New York Mellon. Located in Dusseldorf, Germany, WMAM offers
clients both core and specialist products. A Japanese equity
element of the mandate will be managed by a separate investment
group within BNY Mellon Asset Management. "A long history of strong
client service, competitive performance and innovative products,
continues to position all of our asset management boutiques well
against our competitors," said David Jiang, CEO of BNY Mellon Asset
Management Asia Pacific. "Korea is a key market for BNY Mellon and
our business is growing significantly in the region. This
appointment reflects our strength in depth and ability to match
client needs with investment solutions." Commenting on the outlook
for the Korean economy, Yoohee Won, Chief Representative of BNY
Mellon Asset Management's Korea office, added: "Korea has not been
immune to the global financial turmoil sweeping the world. However,
even with the negative forecasts for the economy, we believe any
material weaknesses in the stock market are likely to offer strong
opportunities in the long term. There is some disagreement on the
timing of the recovery, but when the global economic situation
improves, we believe the Korean market is in a good position to be
one of the first to recover." BNY Mellon Asset Management announced
the opening of a Representative Office in Seoul in December 2006.
Notes to Editors: BNY Mellon Asset Management is the umbrella
organisation for The Bank of New York Mellon Corporation's
affiliated investment management firms and global distribution
companies. The Bank of New York Mellon Corporation is a global
financial services company focused on helping clients manage and
service their financial assets, operating in 34 countries and
serving more than 100 markets. The company is a leading provider of
financial services for institutions, corporations and
high-net-worth individuals, providing superior asset management and
wealth management, asset servicing, issuer services, clearing
services and treasury services through a worldwide client-focused
team. It has $19.5 trillion in assets under custody and
administration, $881 billion in assets under management, services
more than $11 trillion in outstanding debt and processes global
payments averaging $1.8 trillion per day. Additional information is
available at http://www.bnymellon.com/. DATASOURCE: BNY Mellon
Asset Management CONTACT: Vee Montebello, +44-20-7163-6246, or ,
Louisa Bartoszek, +44-20-7163-2826, or , both of The Bank of New
York Mellon Corporation Web Site: http://www.bnymellon.com/
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