Mellon Global Investments Limited, the international distribution subsidiary of Mellon Financial Corporation, is now responsible for around one billion dollars in new mandates as a result of the first year of its strategic alliance with Ahli United Bank (AUB).
In addition, the company has received local regulatory approval for a representative office in Bahrain and the official opening of the branch in the Middle East will be in September 2002. The company is headquartered in London.
AUB, the owner of the United Bank of Kuwait PLC in London, distributes the investment expertise of Mellon's asset management subsidiaries throughout the Gulf and through its private banking network in London, Bahrain and Kuwait.
Mellon Global Alternative Investments Limited, Newton Investment Management Limited and Standish Mellon Asset Management Company LLC will be involved in managing the AUB client portfolios, which comprise of both segregated portfolios and retail mutual funds and include some of the largest organizations in the Middle East.
Both parties will work together in servicing these relationships. In total Mellon Financial Corporation and its affiliates manage over three billion dollars in the Middle East.
“The Middle East is a very important market for us and we are extremely pleased to be able to announce this significant milestone after a successful first year of our alliance with AUB. We look forward to developing this relationship further and growing our presence in this influential financial arena,” commented Jon Little, CEO of Mellon Global Investments.
“Our agreement with AUB helps give us critical mass in the Middle East, and a high quality institutional client list, which would usually take Western firms years to secure. Given that many organizations are looking to outsource their asset management businesses, we believe our unique proposition, offering the skills of 16 asset management companies, will put us in a strong position to add to the three billion dollars already raised in the region,” said Nigel Sillitoe, director of Business Development at Mellon Global Investments (Middle East & Africa).
Bruno Martorano, AUB deputy chief executive, said: “We are pleased with the development of our relationship with Mellon Global Investments over the past year and that our joint efforts have proved so successful for both parties. Mellon's expertise complements the range of products that AUB offers its clients and we look forward to further strengthening this relationship over the longer term.”
London-based Mellon Global Investments Limited is the international distributor of the investment skills and products of 16 asset management subsidiaries of Mellon Financial Corporation. Each of Mellon's asset managers is a specialist in its field. Their combined offering includes mainstream and high yield bond, cash, equity management, currency overlay, indexation and alternative investment management. Mellon Global Investments delivers these diverse skills to a wide and varied client base, providing a wealth of solutions.
Mellon Global Investments' clients include banks, investment managers, insurance companies, pension funds and professional advisers in the UK, Continental Europe, Japan, Latin America, the Middle East, Asia and Australia.
Mellon has approximately $2.8 trillion in assets under management, administration or custody, including more than $588 billion under management. Its asset management companies include The Dreyfus Corporation and UK-based Newton Investment Management Limited.
Ahli United Bank is a fully-fledged commercial institution and investment bank providing wealth management, retail, corporate, treasury, offshore and private banking services. It is geared towards growth through the development of a larger client base in the Gulf Cooperation Council (GCC) states. As of March 31, 2002, AUB had total assets of $4.3 billion on a shareholders' equity of $527.7 million. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
