BNY Mellon Funds Announce "Change in Control" of Alcentra NY, LLC, the Funds' Sub-Adviser
31 Mayo 2022 - 8:43AM
Business Wire
BNY Mellon Alcentra Global Credit Income
2024 Target Term Fund, Inc., BNY Mellon Alcentra Global
Multi-Strategy Credit Fund, Inc. and BNY Mellon Alcentra
Opportunistic Global Credit Income Fund Announce "Change in
Control" of Alcentra NY, LLC, the Funds' Sub-Adviser
Alcentra NY, LLC ("Alcentra") serves as the sub-adviser to BNY
Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.,
BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. and BNY
Mellon Alcentra Opportunistic Global Credit Income Fund (the
"Funds"), pursuant to a separate sub-advisory agreement with
respect to each Fund (each, a "Current Sub-Advisory Agreement")
between BNY Mellon Investment Adviser, Inc. ("BNYM Investment
Adviser"), each Fund's investment adviser, and Alcentra. Alcentra
is currently an indirect subsidiary of The Bank of New York Mellon
Corporation ("BNY Mellon"), the parent company of BNYM Investment
Adviser.
BNY Mellon has announced that it intends 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 ("Franklin
Templeton"). Franklin Templeton, through its specialist investment
managers, offers boutique specialization on a global scale,
bringing extensive capabilities in fixed income, equity,
alternatives, and multi-asset solutions. The Transaction is
expected to be completed in the fourth quarter of 2022 (the
"Closing Date"), subject to customary closing conditions, including
regulatory approvals.
As a result of the Transaction, there will be a "change in
control" of Alcentra, which will effect an assignment and automatic
termination of each Current Sub-Advisory Agreement, pursuant to its
terms and the applicable provisions of the Investment Company Act
of 1940, as amended, as of the Closing Date. Consequently, each
Fund's Board will be asked to approve a new sub-advisory agreement
(each, a "New Sub-Advisory Agreement") between BNYM Investment
Adviser and Alcentra, with respect to the applicable Fund, and call
a Special Meeting of Shareholders to seek shareholder approval of a
New Sub-Advisory Agreement. In addition, each Fund's Board will be
asked to approve an interim sub-advisory agreement (an "Interim
Sub-Advisory Agreement") between BNYM Investment Adviser and
Alcentra, with respect to the applicable Fund, which would take
effect in the event that the Transaction is effected before
shareholder approval of the applicable New Sub-Advisory Agreement
is obtained, and each Fund would continue to solicit shareholder
approval of the applicable New Sub-Advisory Agreement while the
applicable Interim Sub-Advisory Agreement is in place. Each New
Sub-Advisory Agreement and Interim Sub-Advisory Agreement is
intended to ensure that Alcentra can provide uninterrupted service
as sub-adviser to each Fund after the Closing Date. If an Interim
Sub-Advisory Agreement goes into effect, it would expire the
earlier of 150 days after the Closing Date of the Transaction or
upon shareholder approval of the applicable New Sub-Advisory
Agreement.
There will be no increase in the advisory fee payable by the
Funds to BNYM Investment Adviser as a consequence of the
Transaction and the sub-advisory fee payable by BNYM Investment
Adviser to Alcentra under each New Sub-Advisory Agreement and each
Interim Sub-Advisory Agreement will be the same as that
payable by BNYM Investment Adviser to Alcentra under the applicable
Current Sub-Advisory Agreement. Each New Sub-Advisory Agreement
and Interim Sub-Advisory Agreement is substantially similar in
material respects to the applicable Current Sub-Advisory Agreement
and each Fund's investment strategy, management policies and
portfolio managers currently are not expected to change in
connection with the implementation of either agreement.
This press release is not a solicitation of any proxy. A proxy
statement further describing the Transaction and the applicable New
Sub-Advisory Agreement and requesting that shareholders of the
applicable Fund vote to approve the applicable New Sub-Advisory
Agreement will be mailed to shareholders of record at a later date.
Shareholders should read the proxy materials carefully when they
are available because they contain important information about
Franklin Templeton, the Transaction and the applicable New
Sub-Advisory Agreement.
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 $2.3 trillion in assets under management as of March 31, 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 $45.5 trillion in assets under custody and/or
administration as of March 31, 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.
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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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