BNY Mellon Agrees to Acquire Cutwater Asset Management
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BNY Mellon Corp., the world’s largest custody bank, said it reached an agreement to acquire Cutwater Asset Management, a fixed-income unit of MBIA Inc.
When the deal is completed, Cutwater will be part of BNY Mellon Investment Management, which oversees $1.6 trillion in assets, the New York-based bank said today in a statement. Cutwater has about $23 billion in assets.