(Source: Associated Press/AP Online)
NEW YORK - BNY Mellon Asset Management on Monday said it bought a 20 percent stake in private equity firm Siguler Guff & Co.
Terms of the transaction were not disclosed.
New York-based Siguler Guff has about $8 billion in assets under management and committed capital, Bank of New York said. It invests in distressed securities, emerging markets and small company buyouts.
"Current market conditions have led to extraordinary demand for distressed opportunity managers, " said Ronald P. O'Hanley, president and chief executive of BNY Mellon Asset Management. "Siguler Guff is particularly well positioned to take advantage of distressed situations and the emerging markets, which are among the most promising areas for private equity investors."
The deal follows an alliance formed by the two companies in January that involved BNY Mellon selling Siguler Guff's products and services.
In afternoon trading, Bank of New York Mellon shares added 30 cents to $26.96.
A service of YellowBrix, Inc.
