BNY Mellon Investment Management Announces Completion of Realignment of Several of Its Investment Firms and Changes to the Portfolio Management Arrangements for Certain BNY Mellon Municipal Bond Closed-End Funds
01 Septembre 2021 - 2:07PM
Business Wire
BNY Mellon Investment Management announced today that, in
partnership and agreement with several of its investment firms, it
has realigned those firms to enhance their specialist capabilities.
The realignment changed 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"). As a result of the realignment, effective September 1,
2021 (the "Effective Date"), portfolio managers responsible for
managing the Funds' investments who were employees of Mellon
Investments Corporation ("Mellon") in a dual employment arrangement
with BNY Mellon Investment Adviser, Inc. ("BNYM Investment
Adviser"), the Funds' investment adviser, became employees of
Insight North America LLC ("INA"), which, like Mellon, is an
affiliate of BNYM Investment Adviser.
In addition, as of the Effective Date, BNYM Investment Adviser
engaged INA to serve as each Fund's sub-adviser, pursuant to a
sub-investment advisory agreement between BNYM Investment Adviser
and INA. As each Fund's sub-adviser, INA provides the day-to-day
management of the Fund's investments, subject to BNYM Investment
Adviser's supervision and approval. As a result of the realignment,
the Funds' portfolio managers manage the respective Fund's
investments as employees of INA and are no longer employees of
Mellon nor do they manage the Fund in their capacity as employees
of BNYM Investment Adviser. There have been 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) pays 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 as an investment
adviser. INA's principal office is located at 200 Park Avenue, New
York, New York 10166. As of December 31, 2020, INA had
approximately $47.8 billion of assets under management.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 INA. These will primarily be the mark-to-market value of
investments managed by INA, including collateral if applicable.
Where a client mandate requires INA 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.
Courtney Woolston (212) 635-6027
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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