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Bank of New York Mellon completes acquisition of Brazilian hedge fund manager

Bank of New York Mellon Corporation has completed the acquisition of ARX Capital Management, an independent asset management business headquartered in Rio de Janeiro that specialises in Brazilian multistrategy, long/short and long-only investment strategies and has more than USD2.8bn in assets under management.

Terms of the transaction, which was first announced on November 13, were not disclosed. ARX Capital Management will be integrated with BNY Mellon Asset Management Brasil with the combined business becoming one of the country's largest asset managers.

'The acquisition of ARX Capital Management significantly enhances our capabilities in the region and will add a strong product offering to help drive the development of our business internationally,' says Jonathan Little, vice-chairman of BNY Mellon Asset Management.

'Moreover, it fits with our strategic objective of growing our footprint in developing markets. The business is continuing to exceed our expectations with close to 100 per cent client retention during the period since we announced the acquisition.'

Zeca Oliveira, country head of BNY Mellon Brasil, adds: 'Our integrated business will complement our focus in the institutional marketplace with the addition of high net worth individuals and family offices, accelerating expansion of the depth and breadth of our client base and increasing our focus on attracting and retaining talent.'

Founded in 2001, ARX Capital Management manages 20 equity and hedge funds in domestic and offshore versions, most of which are administered by BNY Mellon DTVM Brasil. José Alberto Tovar, the firm's chief executive, will become head of the integrated asset management business in Brazil, reporting to Oliveira.

'We are already seeing new business as a result of the acquisition which is testament to our teams working successfully during integration,' Tovar says. 'This combination enhances our product and service offering and we are excited about our future growth prospects.'

Bank of New York Mellon Corporation operates in 34 countries and serves more than 100 markets, providing financial services including asset management and wealth management, asset servicing, issuer services, clearing services and treasury services for institutions, corporations and high net worth individuals. The group has more than USD20trn in assets under custody and administration, more than USD1.1trn in assets under management and services USD11trn in outstanding debt.

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