Newton Investment Management, a UK subsidiary of Bank of New York Mellon, has signed a new three-year sponsorship deal with the Royal Academy of Arts in London to sponsor the Royal Academy Schools.

The RA schools, which students attend for three years, are a central part of the Royal Academy of Arts, which date back to 1768.

“Literally, in the foundations of the Academy, The RA Schools are at the very forefront of developing contemporary art practice and have been for centuries. We are pleased to be able to sponsor The RA Schools as they continue to progress and develop and also to ensure that students are able to attend on merit alone, particularly in this period of austerity,” said Helena Morrissey, chief executive of Newton.

While wealth management firms trimmed back on sponsorship deals during the pain of the financial crisis, now that the recovery is on track they are piling back into this space, with several large deals being announced in recent months. High-profile sporting events and prestigious arts institutions attract the large part of sponsorship money, with UBS’s recent global sponsorship deal with F1 racing being one notable example.