BNY Mellon Investment Management to Close EACM Advisors

NEW YORK, Sept. 24, 2018 /PRNewswire/ -- BNY Mellon Investment Management, a leading global asset manager, today announced its intention to wind down EACM Advisors LLC ("EACM"), its multi-manager and fund of hedge funds investment manager, as a standalone business.

EACM managed $3.9bn¹ in a combination of long-only and fund of hedge funds strategies. EACM's fund of hedge funds strategies ($2.1bn²) will be closed to new investors and existing capital returned to investors in an orderly manner as investments are able to be redeemed. As part of this change, management recommended and the Dreyfus Fund Board approved the liquidation of Dreyfus Select Managers Long/Short mutual fund, for which EACM is the portfolio allocation manager. It is currently expected that the liquidation of the Fund would occur on or about November 30, 2018.

Dreyfus' two long-only mutual funds for which EACM serves as portfolio allocation manager  - Dreyfus Select Managers Small Cap Value Fund and Dreyfus Select Managers Small Cap Growth Fund - with combined assets of $1.8bn³, will continue to be managed within BNY Mellon Investment Management.

Des Mac Intyre, CEO of U.S. Asset Management at BNY Mellon Investment Management and a member of EACM's Board of Directors, will assume the role of EACM Board Chairman. Michael Germano, currently Managing Director of BNY Mellon Asset Management North America, will oversee the wind down of EACM during this period.

"Despite EACM's long track record, the overall demand for fund of hedge funds strategies has diminished. Following a market evaluation, we no longer see the fund of hedge funds category as a standalone offer within our U.S. asset management portfolio given the integrated capabilities we already have elsewhere within the business," said Mr. Mac Intyre. "Retaining EACM's institutional quality manager selection and asset allocation expertise in long-only strategies will complement the existing specialist solutions provided from our other investment managers."

About BNY Mellon Investment Management
BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.8 trillion in assets under management as of June 30, 2018. It encompasses BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies. BNY Mellon Investment Management is a division of BNY Mellon, which has $33.6 trillion in assets under custody and/or administration as of June 30, 2018. 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. 

This information may contain forward-looking statements, which may be expressed in a variety of ways, include the use of future or present tense language. These statements and other forward-looking statements are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond BNY Mellon's control). Factors that could cause BNY Mellon's outcomes to differ materially from those described in the forward-looking statements can be found in the risk factors set forth in BNY Mellon's Annual Report on Form 10-K for the year ended Dec. 31, 2017, the Quarterly Report on Form 10-Q for the period ended June 30, 2018, and its other filings with the Securities and Exchange Commission. All forward-looking statements in this news release, speak only as of the date of publication and BNY Mellon undertakes no obligation to update any forward-looking statement.

^1,2,3 Total net assets as of August 31, 2018

Contact:
Benjamin Tanner
212-635-8676
[email protected] 

SOURCE BNY Mellon Investment Management