BNY Investments, one of the world's largest asset managers operating a multi-boutique model, traces its origins to the July 2007 merger of BNY Asset Management and the significantly larger Mellon Asset Management, forming BNY Mellon Investment Management (BNY Mellon IM). After its creation, the firm aggressively expanded, acquiring Brazil's ARX Capital Management and entering a Chinese joint venture in 2007, followed by the £235m acquisition of Insight Investment in 2009. However, it also faced challenges, closing its Ivy Asset Management unit in 2010 due to its involvement in the Bernie Madoff scandal, leading to a $210 million settlement in 2012.
In 2018, BNY Mellon IM consolidated several firms into Mellon Investments and later sold its Alcentra private credit unit for $1 billion in 2022, contributing to a substantial decline in its assets under management by 2023. This strategic divestment was part of the division's evolving structure. Finally, in June 2024, the investment management division officially rebranded to BNY Investments.