IBERIA - Bank of New York Mellon Asset Management's Spanish, Portugese and Andorran operations are merging with WestLB Mellon Asset Management to create a "single point of contact".
Sasha Evers has been appointed as the managing director of the newly-integrated business, while Carlos Oses, Isabel Sebastian and Sara Garcia set to join the Madrid-based team.
The former managing director of WestLB Mellon's Iberia and Latin American business, Jaime Gil-Delgado, is to assume a broader senior role in BoNY Mellon.
That said, a spokeswoman for BoNY Mellon told IPE there will be no job cuts, since the company is looking to achieve a full integration of all staff.
Evers, who joined the company in 1999 as head of sales for Iberia from Credit Agricole Alternative Investment Management, commented the merger was intended to simplify distribtuion.
"All our clients will now benefit from a single point of contact, providing support and customer service covering the full range of the group's multi-boutique investment management capabilities," he said, adding the businesses will continue to operate under the BoNY Mellon brand.
Evers added the merger will not affect the investment side of the businesses.
According to Evers, the two company merged their distribution in Italy a number of months ago for the same reasons.
WestLB Mellon Asset Management was established in April 2006 as a joint venture between WestLB AG and Mellon Financial Corporation, now The Bank of New York Mellon Corporation.
If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email email@example.com