On May 30, 2022, The Bank of New York Mellon Corporation ("BNY
Mellon"), the parent company of BNY Mellon Investment Adviser, Inc.
("BNYM Investment Adviser") and Alcentra NY, LLC ("Alcentra"), the
investment adviser and sub-adviser, respectively, for BNY Mellon
Alcentra Global Credit Income 2024 Target Term Fund, Inc. (NYSE:
DCF) and BNY Mellon Alcentra Global Multi-Strategy Credit Fund,
Inc. (each, a "Fund" and, together, the "Funds") entered into a
definitive agreement to sell all of its indirect equity interest in
Alcentra (the "Transaction") to Franklin Resources, Inc., a global
investment management organization operating as Franklin Templeton.
The Transaction is expected to be completed on or about November 1,
2022, subject to customary closing conditions, including certain
regulatory approvals (the "Closing Date").
On September 16, 2022, the Funds announced the appointment of
Brandan Chao as a primary portfolio manager of the Funds, effective
as of the Closing Date. Mr. Chao joined Alcentra in March 2017 and
is a Managing Director and Senior Portfolio Manager and a member of
the Structured Credit team. He is responsible for analyzing
investments in structured products across Alcentra's funds. Mr.
Chao joined Alcentra from Omega Advisors, where he worked for five
years as a senior analyst covering structured products with a focus
on CLO equity and mezzanine investing and opportunistic corporate
credit. Prior to that, he worked at King Street Capital Management,
investing in corporate structured products, high yield, and
distressed credit, and at Credit Suisse, performing leveraged
finance research. Mr. Chao has a B.S. in Finance from the
Massachusetts Institute of Technology and holds the Chartered
Financial Analyst (CFA®) designation.
BNYM Investment Adviser will continue to serve as each Fund's
investment adviser, and Alcentra will continue to serve as each
Fund's sub-adviser. The investment strategies of the Funds are not
changing and each Fund will be managed by its portfolio management
team after the Closing Date, as outlined below:
Name of Fund
Primary Portfolio Managers
BNY Mellon Alcentra Global Multi-Strategy
Credit Fund, Inc.
Chris Barris
Brandon Chao
Kevin Cronk
Jonathan DeSimone
DCF
Chris Barris
Brandon Chao
Kevin Cronk
As of the Closing Date, Hiram Hamilton and Suhail A. Shaikh will
no longer serve as primary portfolio managers of BNY Mellon
Alcentra Global Multi-Strategy Credit Fund, Inc. and Mr. Hamilton
will no longer serve as a primary portfolio manager of DCF.
In addition, in connection with Mr. Chao's appointment as a
primary portfolio manager of BNY Mellon Alcentra Global
Multi-Strategy Credit Fund, Inc., the Fund's Board of Directors
approved Mr. Chao as a "key person" for purposes of a "key person
event" (as that term is defined in the Fund's initial public
offering prospectus, as supplemented), which will be triggered if
any two of Chris Barris, Brandon Chao, Kevin Cronk or Jonathan
DeSimone depart Alcentra or cease to manage/supervise the affairs
of the Fund during the life of the Fund.
*************
BNY Mellon Investment Adviser, Inc., the investment adviser for
the Funds, and Alcentra NY, LLC, the sub-adviser for the Funds, are
part of BNY Mellon Investment Management. BNY Mellon Investment
Management is one of the world's largest asset managers, with $1.9
trillion in assets under management as of June 30, 2022. Through an
investor-first approach, BNY Mellon Investment Management brings to
clients the best of both worlds: specialist expertise from eight
investment firms offering solutions across every major asset class,
backed by the strength, stability, and global presence of BNY
Mellon. Additional information on BNY Mellon Investment Management
is available on www.bnymellonim.com.
BNY Mellon Investment Management is a division of BNY Mellon,
which has $43 trillion in assets under custody and/or
administration as of June 30, 2022. BNY Mellon can act as a single
point of contact for clients looking to create, trade, hold,
manage, service, distribute or restructure investments. BNY Mellon
is the corporate brand of The Bank of New York Mellon Corporation
(NYSE: BK). Additional information is available on
www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our
newsroom at www.bnymellon.com/newsroom for the latest company
news.
The Funds' investment returns and principal values will
fluctuate so that an investor's shares may be worth more or less
than the original cost. There is no assurance that a Fund will
achieve its investment objective.
This release is for informational purposes only and should not
be considered as investment advice or a recommendation of any
particular security.
Forward-Looking Statements
Statements in this press release that are not historical facts
are "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. When used in this
press release, words or phrases generally written in the future
tense and/or preceded by words such as "will," "may," "could,"
"expect," "believe," "anticipate," "intend," "plan," "seek,"
"estimate," "preliminary" or other similar words are
forward-looking statements.
Various forward-looking statements in this press release relate
to the acquisition by Franklin Resources, Inc. ("Franklin") of
Alcentra from BNY Mellon.
These forward-looking statements are based upon current beliefs
and expectations and are subject to a number of known and unknown
risks, uncertainties and other important factors, some of which are
listed below, that could cause actual results and outcomes to
differ materially from any future results or outcomes expressed or
implied by such forward-looking statements. Important
transaction-related and other risk factors that may cause such
differences include, but are not limited to the following: (i) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the acquisition agreement; and (ii)
the transaction closing conditions may not be satisfied in a timely
manner or at all, including due to the failure to obtain regulatory
and Alcentra client approvals.
For a detailed discussion of other risk factors regarding
Franklin and BNY Mellon, please refer to the risks, uncertainties
and factors described in Franklin's and BNY Mellon's recent filings
with the U.S. Securities and Exchange Commission, including,
without limitation, Franklin's and BNY Mellon's most recent Annual
Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent
periodic and current reports.
All forward-looking statements in this press release speak only
as of the date on which such statement is made. Factors or events
that could cause actual results to differ may emerge from time to
time, and it is not possible to predict all of them. BNY Mellon,
Franklin, Alcentra and the Funds undertake no obligation to update
any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by law.
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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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