US-based BNY Mellon has renamed its German investment boutique, WestLB Mellon Asset Management KAG, as Meriten Investment Management.

While Meriten Investment Management will no longer carry the term "Kapitalanlagegesellschaft" (regulated investment company under German law) in the name, it will continue to function as such and will provide the same services also going forward, BNY Mellon said.

WestLB Mellon Asset Management was formed in early 2006 as a 50:50 joint venture between BNY Mellon and Portigon. The acquisition of the remaining 50 per cent of the joint venture was completed in October of this year. The company has over 170 employees and over €26 billion (about $33.8 billion) in assets under management.

"Germany has one of the most sophisticated investment markets globally, and is a key strategic priority for BNY Mellon," said Curtis Arledge, chief executive at BNY Mellon Investment Management.

"We are committed to building on the solid foundation of Meriten Investment Management as we develop our plans to expand the business domestically and internationally," added Mitchell Harris, president of BNY Mellon Investment Management.

BNY Mellon Investment Management has $1.4 trillion in assets under management.