WestLB Mellon Asset Management, the joint venture between German state bank WestLB and US financial services firm Mellon Financial, will launch during the first quarter of 2006.

Mellon and WestLB will each hold 50 percent of the venture, which bundles together a large part of their asset management activities. The new venture is expected to launch with $49bn (€40bn) under management and roughly 240 staff. Luke Nunneley, global head of WestAM, WestLB's main asset management division, will be the joint venture's chief executive.