BNY Mellon Asset Management, the global asset management arm of the Bank of New York Mellon, has added Ankura Capital in Sydney and Blackfriars Asset Management in London to its network of investment boutique firms.
Ankura is focused on the management of Australian equities while Blackfriars is focused on emerging market equities and global fixed income. The launch of the two investment boutique firms follows the Bank of New York Mellon's purchase in December of two investment subsidiaries from its joint venture with WestLB.
Greg Vaughan will remain as managing director and CIO for Ankura while Hugh Hunter will continue as CEO of Blackfriars. Both firms will retain their investment staff and management teams.
Ankura manages around A$1 billion in Australian equities and has a mainly Australian client base. The firm follows a quantitative approach combined with a qualitative risk overlay. The firm will retain all investment staff as well as a management team that has been working together since 1995.
Blackfriars manages more than $2.3 billion in assets. The firm focuses on global and regional emerging markets equity, debt, and global fixed income, where its established team has delivered a top quartile 10-year track record, according to MorningStar.
As wholly-owned investment managers within BNY Mellon Asset Management's multi-boutique structure, both firms will enjoy complete investment autonomy while having access to their parent company's global distribution franchise.
"Despite the challenging economic environment our business is well positioned to weather the current market uncertainty," says Ronald O'Hanley, president and CEO of BNY Mellon Asset Management. "The launch of these two new boutiques recognises our ability to meet clients' needs as they look to alternative sources for alpha."
Jon Little, vice-chairman of BNY Mellon Asset Management and responsible for the oversight of the firm's international investment management firms, says Australia and Asia-Pacific are crucial markets for the firm.
"Accelerating the already significant growth of our asset management business in Australia and the Asia-Pacific region as a whole is a key strategic priority for us," Little says.
Many emerging market economies are in a position of relative strength compared to their Western counterparts, Little notes.
"We see increased investment opportunities in this area, and in our dialogue with clients globally many of them are looking at these types of strategies to drive the growth of their investment portfolios," he says.