BNY Mellon Investment Management Announces Realignment of Several of Its Investment Firms & Anticipated Changes to the Portfo...
February 10 2021 - 9:23AM
Business Wire
BNY Mellon Investment Management announced today that, in
partnership and agreement with several of its investment firms, it
is realigning those firms to enhance their specialist capabilities.
The realignment will change the portfolio management arrangements
for BNY Mellon Municipal Income, Inc., BNY Mellon Strategic
Municipal Bond Fund, Inc. and BNY Mellon Strategic Municipals, Inc.
(each, a "Fund").
More specifically, as a result of this realignment, which is
scheduled to occur, subject to regulatory requirements, in the
third quarter of 2021 (the "Effective Date"), portfolio managers
responsible for managing the Funds' investments who are employees
of Mellon Investments Corporation ("Mellon") in a dual employment
arrangement with BNY Mellon Investment Adviser, Inc. ("BNYM
Investment Adviser"), the Funds' investment adviser, will become
employees of Insight North America LLC ("INA"), which, like Mellon,
is an affiliate of BNYM Investment Adviser, and will no longer be
employees of Mellon. Consequently, effective as of the Effective
Date and subject to the approval of each Fund's board of directors,
BNYM Investment Adviser will engage INA to serve as the Fund's
sub-adviser, pursuant to a sub-investment advisory agreement
between BNYM Investment Adviser and INA. As each Fund's
sub-adviser, INA will provide the day-to-day management of the
Fund's investments, subject to BNYM Investment Adviser's
supervision and approval. It is currently anticipated that each
Fund's portfolio managers who are responsible for the day-to-day
management of the Fund's investments will continue to manage the
Fund's investments as of the Effective Date. It is also currently
anticipated that there will be no material changes to any Fund's
investment objective, strategies or policies, no reduction in the
nature or level of services provided to the Funds, and no increase
in the management fee payable by a Fund as a result of the
engagement of INA as the Fund's sub-adviser. BNYM Investment
Adviser (and not the Funds) will pay INA for its sub-advisory
services.
Important Information
BNY Mellon Investment Adviser, Inc., the investment adviser for
the Funds, is part of BNY Mellon Investment Management. BNY Mellon
Investment Management is one of the world's leading investment
management organizations, with US $2.2 trillion in assets under
management as of December 31, 2020. BNY Mellon Investment
Management encompasses BNY Mellon's affiliated investment
management firms and global distribution companies. Through an
investor-first approach, BNY Mellon Investment Management brings to
clients the best of both worlds: specialist expertise from eight
world-class investment firms offering solutions across every major
asset class, backed by the strength, stability, and global presence
of The Bank of New York Mellon Corporation (NYSE: BK), one of the
world's most trusted investment partners, which has US $41.1
trillion in assets under custody and/or administration as of
December 31, 2020.
Insight North America LLC is an indirect wholly-owned subsidiary
of The Bank of New York Mellon Corporation registered in the United
States with the Securities and Exchange Commission ("SEC") as an
investment adviser. INA is part of the group of affiliated
companies providing investment advisory services under the brand
"Insight Investment" or "Insight". Investment advisory services in
North America are provided through two different investment
advisers registered with the SEC using the brand Insight
Investment: INA and Insight Investment International Limited. The
North American investment advisers are associated with other global
investment managers that also (individually and collectively) use
the corporate brand Insight Investment and may be referred to as
"Insight" or "Insight Investment." INA's principal office is
located at 200 Park Avenue, New York, New York 10166. As of
December 31, 2020, INA managed approximately $47.8 billion of
assets. Collectively, the investment managers that comprise Insight
Investment are responsible for $1.029 trillion in assets under
management as of December 31, 2020.1
BNY Mellon is the corporate brand of The Bank of New York Mellon
Corporation and may also be used as a generic term to reference the
Corporation as a whole or its various subsidiaries generally.
Additional information on BNY Mellon Investment Management is
available on www.im.bnymellon.com. BNY Mellon Investment
Management's website is intended to allow investors public access
to information regarding the Funds and does not, and is not
intended to, incorporate the website in this release.
Closed-end funds are traded on the secondary market through one
of the stock exchanges. Each Fund's investment returns and
principal values will fluctuate so that an investor's shares may be
worth more or less than the original cost. Shares of closed-end
funds may trade above (a premium) or below (a discount) the net
asset value (NAV) of the fund's portfolio. There is no assurance
that a Fund will achieve its investment objective.
Forward Looking Statements
This press release may contain forward-looking statements.
Actual future results or occurrences may differ significantly from
those anticipated in any forward-looking statements due to numerous
factors, including, but not limited to, market developments, legal
and regulatory developments and other additional risks and
uncertainties. The Funds and BNY Mellon Investment Adviser, Inc.
undertake no responsibility to update or revise any forward-looking
statements.
This release is for informational purposes only and should not
be considered as investment advice or a recommendation of any
particular security.
___________________________ 1 Assets under management (AUM) is
represented by the value of a client's assets or liabilities
managed by Insight. These will primarily be the mark-to-market
value of investments managed by Insight, including collateral if
applicable. Where a client mandate requires Insight to manage some
or all of a client's liabilities, AUM will be equal to the value of
the client's specific liability benchmark and/or the notional value
of other risk exposure through the use of derivatives.
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For Press Inquiries: BNY Mellon Investment Adviser, Inc.
Benjamin Tanner (212) 635-8676
For Other Inquiries: BNY Mellon Securities Corporation The
National Marketing Desk 240 Greenwich Street New York, New York
10286 1-800-334-6899
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