BNY Mellon completes acquisition

BNY Mellon has completed its acquisition of Cutwater Asset Management, a U.S.-based fixed income and solutions specialist with about US$22 billion ($25.9 billion) in assets under management.

Cutwater will now operate as part of BNY Mellon’s US$1.6 trillion in assets multi-boutique investment management business.

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.

BNY Mellon announced its intention to acquire Cutwater from MBIA in October. Terms of the transaction were not disclosed.