Curtis Arledge just bought up a $22-billion-AUM institutional fixed income shop, as planned.

This week BNY Mellon [profile] confirmed that it closed its purchase January 2 of Armonk, New York-based Cutwater Asset Management. The terms of the deal were not disclosed.

The New York City-based banking and asset management giant unveiled the deal three months ago. Cutwater is primarily an institutional manager, working with consultants, corporations, governments, insurers, pension funds, unions, and other financial institutions. Yet Cutwater also subadvises Advisors Asset Management's [profile] AAM Cutwater Select Income Fund, an open-end mutual fund.

BNY's London-based Insight Investments will administer Cutwater. All told BNY Mellon's asset management boutiques manage $1.6 trillion worldwide. 

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