Bank of NY Mellon to buy ARX Capital |
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Tue, 13 Nov 2007 15:12
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NEW YORK (AP) - Bank of New York Mellon Corp. said Tuesday it has agreed to purchase ARX Capital Management, a Brazilian asset-management firm.The companies did not disclose financial terms of the agreement.ARX has more than $2.6 billion under management and Bank of New York Mellon has more than $1.1 trillion under management.Bank of New York Mellon expects the acquisition to close during the first quarter and add to earnings within the first year.Brazil's fast growth, high commodity prices and maturing capital markets 'intensified the spotlight on the country,' said Jon Little, vice chairman of BNY Mellon Asset Management.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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