The Bank of New York Mellon is to acquire Rio de Janeiro-based asset manager ARX Capital Management for an undisclosed amount. The Brazilian company was founded in 2001 and has around $2.6 billion in assets under management in 20 equity and hedge funds. The US bank has been operating in Brazil for 10 years and has more than $26 billion in assets under management and administration. José Alberto Tovar, chief executive of ARX Capital Management, will head the integrated asset management business in Brazil. He will report to Zeca Oliveira, head of BoNY Mellon Brasil.