The Bank of New York Mellon has completed the acquisition of ARX Capital Management, an independent asset management business headquartered in Rio de Janeiro.

Financial terms of the deal, which was announced in November, were not disclosed.

The acquisition of ARX will help drive the development of the company’s international business, says Jonathan Little, vice-chairman of BNY Mellon Asset Management. “Moreover, it fits with our strategic objective of growing our footprint in developing markets.”

ARX specializes in Brazilian multi-strategy, long/short and long only investment strategies and has more than US$2.8 billion in assets under management.

To comment on this story, email craig.sebastiano@rci.rogers.com.