Wednesday, August 8, 2007
second German asset manager was forced on Tuesday to temporarily freeze the assets in its fund after investors saw the value of the fund decline sharply on the back of credit market weakness.
WestLB Mellon Asset Management is a joint venture between WestLB, the publicly owned German Landesbank, and The Bank of New York Mellon Corporation, which officially completed its merger on July 1 this year. The ABS fund is managed by a team of five investment advisers in Düsseldorf, where WestLB is also based. It has about 300 investment advisers in about a dozen offices the US, Europe, Asia and Australia. They manage about €40bn of assets for clients, including pension funds, banks and insurance companies