Completion of Sale of Alcentra NY, LLC by The Bank of New York Mellon Corporation to Franklin Templeton
November 01 2022 - 10:07AM
Business Wire
BNY Mellon High Yield Strategies Fund, BNY
Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
and BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc.
On November 1, 2022,
The Bank of New York Mellon Corporation's sale of Alcentra NY,
LLC ("Alcentra NY") to Franklin Resources, Inc., a global
investment management organization operating as Franklin Templeton
("Franklin Templeton"), was completed today, November 1, 2022 (the
"Closing Date").
In contemplation of the sale of Alcentra NY to Franklin
Templeton, the Board and shareholders of each of BNY Mellon High
Yield Strategies Fund and BNY Mellon Alcentra Global Credit Income
2024 Target Term Fund, Inc. (each, a "Fund" and together, the
"Funds") approved a new sub-investment advisory agreement between
BNY Mellon Investment Adviser, Inc. ("BNYM Investment Adviser"),
each Fund's investment adviser, and Alcentra NY (each, a "New
Sub-Advisory Agreement"), effective as of the Closing Date.
Accordingly, Alcentra NY serves as sub-adviser to each Fund
pursuant to the respective New Sub-Advisory Agreement.
With respect to BNY Mellon Alcentra Global Multi-Strategy Credit
Fund, Inc. (the "Multi-Strategy Fund"), while shareholder approval
has not yet been obtained for a proposed new sub-investment
advisory agreement between BNYM Investment Adviser and Alcentra NY
(the "Proposed Sub-Advisory Agreement"), Alcentra NY now serves as
sub-adviser to the Multi-Strategy Fund pursuant to an interim
sub-investment advisory agreement between BNYM Investment Adviser
and Alcentra NY (the "Interim Sub-Advisory Agreement"), which was
approved by the Multi-Strategy Fund's Board. Implementation of the
Interim Sub-Advisory Agreement will provide the Multi-Strategy Fund
with more time to continue to seek shareholder approval of the
Proposed Sub-Advisory Agreement. The Interim Sub-Advisory Agreement
will expire the earlier of 150 days after the Closing Date or upon
shareholder approval and effectiveness of the Proposed Sub-Advisory
Agreement.
As sub-adviser to the Funds pursuant to the New Sub-Advisory
Agreements, and to the Multi-Strategy Fund pursuant to the Interim
Sub-Advisory Agreement, Alcentra NY, subject to BNYM Investment
Adviser's supervision, provides day-to-day management of the
respective fund's investments. Alcentra NY, located at 200 Park
Avenue, 7th Floor, New York, New York 10166, is a registered
investment adviser specializing in sub-investment grade corporate
credit investment strategies. Alcentra NY was founded in 2002 and,
together with Alcentra Limited, managed more than $34 billion in
assets as of September 30, 2022. Alcentra NY is a subsidiary of
Franklin Templeton, a global investment management organization
which, through its specialist investment managers, offers boutique
specialization on a global scale, bringing extensive capabilities
in fixed income, equity, alternatives, and multi-asset
solutions.
Important Information
BNY Mellon Investment Adviser, Inc., the investment adviser for
the Fund, is part of BNY Mellon Investment Management. BNY Mellon
Investment Management is one of the world’s largest asset managers,
with $1.8 trillion in assets under management as of September 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 $42.2 trillion in assets under custody and/or
administration as of September 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.
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. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221101005892/en/
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
BNY Mellon Alcentra Gl C... (NYSE:DCF)
Historical Stock Chart
From Jun 2024 to Jul 2024
BNY Mellon Alcentra Gl C... (NYSE:DCF)
Historical Stock Chart
From Jul 2023 to Jul 2024