BNY Mellon buys US fixed income manager

BNY Mellon buys US fixed income manager

BNY Mellon has bought Cutwater Asset Management, a US-based fixed income and solutions specialist, for an undisclosed amount.

Cutwater, which has about $22bn (£14.4bn) in assets under management, will now operate as part of BNY Mellon’s $1,600bn (£1,050bn) in assets multi-boutique investment management business.

The firm’s investment capabilities encompass a range of US fixed income strategies, including core, long duration, high yield, loans, absolute return and liability risk management.

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It will work closely with, and be administered by, Insight Investment.

BNY’s latest purchase comes after Adrian Sharpe, head of discretionary sales at BNY Mellon Investment Management, left the group last year.

Mr Sharpe had worked at the company since July 2008, having joined from Close Investments where he was head of discretionary and institutional sales.

Alongside his role on the discretionary team, which includes directors Gary Tuffield and Adrian Gough, Mr Sharpe looked after the north, the Midlands and Ireland.

The move came after BNY Mellon saw its UK wholesale managing director Scott Goodsir leave the company in January. Fergus McCarthy from Investec Asset Management has subsequently replaced him.