It’s official: Bank of New York Mellon has completed the acquisition of ARX Capital Management, a Rio de Janeiro, Brazil-based hedge fund that has more than US$2.8 billion in assets under management.

Terms of the transaction, which was first announced in November, were not disclosed. ARX Capital will be integrated with BNY Mellon Asset Management Brazil and José Alberto Tovar, CEO of ARX Capital, will become the head of the integrated asset management business, reporting to Zeca Oliveira, head of BNY Mellon Brazil.

“The acquisition of ARX Capital Management significantly enhances our capabilities in the region and will add a strong product offering to help drive the development of our business internationally,” Jonathan Little, vice-chairman of BNY Mellon Asset Management, said. “Moreover, it fits with our strategic objective of growing our footprint in developing markets. The business is continuing to exceed our expectations with close to 100% client retention during the period since we announced the acquisition.”

Founded in 2001, ARX Capital Management 20 equity and hedge funds, in domestic and offshore versions with BNY Mellon DTVM Brazil serving as the administrator for the majority of the funds.