The purchase was completed on 19 December and sees AAM - which will now be known as BNY Mellon Asset Servicing B.V. - become a part of the asset servicing division of The Bank of New York Mellon.
Based in Amsterdam, AAM was established in 2003 as a joint venture between Mellon Bank N.A. and ABN AMRO to provide global custody and related services to institutions outside North America.
Stephanie Bates, corporate partner in London who co-led the team, commented: "In 2003 we advised Mellon in establishing its joint venture with ABN AMRO. Since then we have built a good relationship advising AAM and it has been a privilege for the Mayer Brown team to then see the venture successfully through to its conclusion."
Jeremy Bassil, International General Counsel, The Bank of New York Mellon Corporation commented: "The Mayer Brown team were very familiar with the AAM joint venture and were an obvious choice to assist us in this transaction. Their flexibility and expertise allowed them to play an integral role in the unwinding of the complex joint venture. Working alongside our business people and internal lawyers as part of a unified team they forged great relationships and were a tremendous help in closing the deal."
The Mayer Brown team was co-led by corporate partners Stephanie Bates and Jonathan Crawford and financial services partner Peter Richards-Carpenter; assisted by corporate solicitors Hwei Tan and Gabriel Olearnik. Support was provided by tax partner Michael Cashman, pensions partner Jonathan Moody with solicitor Nina Choudhury and assistant Lorenz van der Meij. Brussels partner Kiran Desai provided advice in relation to antitrust.
The transaction was first signed and announced by the parties on 5 July 2007. The value of this deal remains confidential. Allen & Overy advised ABN AMRO.