NEW YORK, March 4, 2019 /PRNewswire/ -- BNY Mellon Investment Management today announced that it is rebranding the Dreyfus retail business and long-term mutual funds in the U.S. to align with the BNY Mellon Investment Management brand, effective on or about June 3, 2019, as part of a larger global brand initiative.
This rebrand will more clearly reinforce for investors BNY Mellon Investment Management's reputation and position as one of the world's largest investment managers. To reflect the strong heritage of Dreyfus in cash management strategies, the Dreyfus brand will be retained on money market funds.
"This is another step in our strategy to illustrate how we offer investors the best of both worlds: providing clients with access to the investment capabilities and creative solutions from our world-class investment managers, combined with the global scale and financial stewardship of BNY Mellon," said Mitchell Harris, Chief Executive Officer of BNY Mellon Investment Management. "In the retail space, having a strong and recognizable brand is increasingly important to investors. The rebranding of Dreyfus is a significant milestone in supporting the growth of our U.S. retail business."
As part of this rebranding initiative:
- The "Dreyfus" brand on 94 long-term mutual funds, with approximately $63bn in assets under management1, will be replaced with "BNY Mellon."
- Dreyfus will remain the brand on 27 Dreyfus-managed money market funds, with approximately $160bn in assets under management2. The BNY Mellon Cash Investment Strategies division of Dreyfus will be renamed "Dreyfus Cash Investment Strategies."
- There will be no changes to the investment objectives, strategies, portfolio managers or sub-investment advisers for the newly branded "BNY Mellon" long-term mutual funds or related products as a direct result of this initiative.
- The Dreyfus Corporation (the investment adviser for the Dreyfus Family of Funds) will be renamed "BNY Mellon Investment Adviser, Inc."
- MBSC Securities Corporation (the distributor of the Dreyfus open-end funds) will be renamed "BNY Mellon Securities Corporation."
- A marketing campaign will commence to help raise awareness of the brand in the U.S. market later in the year.
This initiative follows an extensive brand review that included feedback from investors and intermediaries. BNY Mellon Investment Management's eight investment managers will continue with individual brands to reflect their direct relationships with institutional investors, while the BNY Mellon Investment Management brand will become more prominent for global retail investors.
"Investing centers around meeting the needs of clients, and the strength of our business is that it is built around our investors," said Matt Oomen, Head of Global Distribution. "With intermediary and retail clients looking for investment partners with a breadth of capabilities and strong brands, leading with BNY Mellon Investment Management as our U.S. retail brand will make it easier for them to identify and access our full suite of investment solutions. In the institutional space, our clients value direct access to our investment managers and their strategies. As a result, our investment managers' brands lead in this space."
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 $1.7 trillion in assets under management, as of December 31, 2018. It encompasses BNY Mellon's eight investment managers, wealth management services and global distribution companies. BNY Mellon Investment Management is a division of BNY Mellon, which has $33.1 trillion in assets under custody and/or administration as of December 31, 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.
BNY Mellon Investment Management
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, 2018, the Quarterly Report on Form 10-Q for the period ended December 31, 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.
This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular investment, strategy, investment manager or account arrangement. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.
Additional changes to the names of certain specific funds are detailed in fund prospectus supplements. Investors interested in the funds should consider the investment objective, risks, charges and expenses of the fund carefully before investing. To obtain a prospectus that contains this and other information about the fund, investors should contact their financial representatives or visit www.bnymellonim.com/us. Read the prospectus carefully before investing.
BNY Mellon Cash Investment Strategies is a division of The Dreyfus Corporation. The Dreyfus Corporation and MBSC Securities Corporation are companies of BNY Mellon.
The Dreyfus Corporation serves as administrator and Mellon Investments Corporation, an affiliate of Dreyfus, serves as investment adviser to Dreyfus International Equity Fund.
BNY Mellon will replace Dreyfus in the names of other Dreyfus-related entities and divisions.
1&2 As of January 31, 2019
SOURCE BNY Mellon