BNY Mellon to Acquire Cutwater Asset Management

BNY Mellon has reached an agreement to acquire Cutwater Asset Management, a fixed income and solutions specialist with a 20-year track record and approximately $23 billion in assets under management. Currently the Armonk, NY firm is a wholly owned subsidiary of MBIA Inc.

Cutwater will operate as part of BNY Mellon Investment Management and will work closely with, and be administered by, Insight Investment, one of BNY Mellon's premier investment management boutiques. 

Cutwater's products and investment solutions include a wide range of fixed income strategies such as core, long duration, high yield, loans and absolute return strategies.

The terms of the transaction, which is expected to close by the end of the year, were not disclosed.