NEW YORK and LONDON, Jan. 5, 2015 /PRNewswire/ -- BNY Mellon today announced the successful acquisition on January 2, 2015, of Cutwater Asset Management ("Cutwater"), a U.S.-based fixed income and solutions specialist with a 20-year track record and approximately $22 billion in assets under management.
Cutwater will now operate as part of BNY Mellon's $1.6 trillion in assets multi-boutique investment management business. It will work closely with, and be administered by, Insight Investment*, a leading European asset manager and one of BNY Mellon's premier investment firms.
Cutwater's investment capabilities encompass a wide range of U.S. fixed income strategies including core, long duration, high yield, loans, absolute return and liability risk management. These capabilities will deepen BNY Mellon's and Insight's fixed income research and portfolio management expertise in the world's biggest and most diverse credit market.
BNY Mellon announced its intention to acquire Cutwater from MBIA Inc. on October 6, 2014. The terms of the transaction were not disclosed.
Notes to Editors:
About BNY Mellon Investment Management
BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.6 trillion in assets under management as of September 30, 2014. It encompasses BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.com
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of September 30, 2014, BNY Mellon had $28.3 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at www.bnymellon.com, or follow us on Twitter @BNYMellon.
*About Insight Investment/Insight Pareto (U.S.)
Insight Investment is a leading asset manager focused on designing investment solutions to meet our clients' needs. Founded in 2002, Insight Investment's collaborative approach has delivered both investment performance and impressive growth in assets under management. Insight manages £318 billion ($516 billion) [1] across fixed income, liability-driven investment, absolute return, cash management, multi-asset, specialist equity and currency strategies. *Insight Investment Management (Global) Ltd does not offer services in the U.S. Pareto Investment Management Limited offers services in the U.S., Canada and Australia under the Insight Pareto brand. Insight Investment is owned by BNY Mellon. Insight Investment Management (Global) Limited and Pareto Investment Management Limited are authorised and regulated by the Financial Conduct Authority in the UK. More information about Insight Investment can be found at: www.insightinvestment.com
About Cutwater
Cutwater Asset Management is a client-focused and solutions-based investment advisor focused exclusively on fixed income investments. With $22 billion in assets under management, Cutwater Asset Management ranks among the world's largest fixed-income only asset managers. Cutwater's model combines world-class investment expertise and risk management capabilities with exceptional client service, in-depth consultation, and extensive interaction between clients and the investment team. Our clients include state and local governments, financial institutions, pension funds, unions, insurance companies, corporations and consultants. For more information, please visit our website at www.cutwater.com
All information sourced from BNY Mellon as of September 30, 2014. This press release is qualified for issuance in the UK, Europe and US and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. Any views and opinions contained in this document are those of the author at the date of issue; are subject to change and should not be taken as investment advice. BNY Mellon Investment Management EMEA Limited and its affiliates are not responsible for any subsequent investment advice given based on the information supplied. This press release is issued by BNY Mellon Investment Management (US) and BNY Mellon Investment Management EMEA Limited (ex-US) to members of the financial press and media and the information contained herein should not be construed as investment advice. Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Registered office of BNY Mellon Investment Management EMEA Limited: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. A BNY Mellon Company. Authorised and regulated by the Financial Conduct Authority
BNY Mellon Investment Management includes other entities offering services in the United Kingdom: The Alcentra Group refers to the affiliated companies Alcentra, Ltd and Alcentra NY, LLC. The Newton Group ("Newton") is comprised of the following affiliated companies: Newton Investment Management Limited, Newton Capital Management Limited (NCM Ltd) and Newton Capital Management LLC (NCM LLC). NCM LLC personnel are supervised persons of NCM Ltd and NCM LLC does not provide investment advice, all of which is conducted by NCM Ltd. Only NCM LLC and NCM Ltd offer services in the U.S. Meriten Investment Management GmbH does not offer services in the U.S.
[1] Assets under management are represented by the value of cash securities and other economic exposure managed for clients as at 30 September 2014. The assets under management figure represents the combined assets under management of Insight Investment Management (Global) Limited and Pareto Investment Management Limited, which became part of the Insight group on 1 January 2013.
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SOURCE BNY Mellon