BNY Mellon High Yield Strategies Fund Proposing to Change Portfolio Management Structure
31 Mayo 2022 - 8:41AM
Business Wire
The portfolio managers for BNY Mellon High Yield Strategies Fund
(the "Fund") currently are employees of BNY Mellon Investment
Adviser, Inc. ("BNYM Investment Adviser"), the Fund's investment
adviser, and Alcentra NY, LLC ("Alcentra"), an affiliate of BNYM
Investment Adviser, and manage the Fund in their capacity as
employees of BNYM Investment Adviser. Alcentra is 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"). 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, the Fund's portfolio managers
will become employees of Alcentra only and will no longer be able
to manage the Fund in their capacity as employees of BNYM
Investment Adviser. To enable the Fund's portfolio managers to
provide day-to-day management of the Fund's investments as
employees of Alcentra after the Closing Date, the Board for the
Fund will be asked to approve a sub-advisory agreement (the
"Sub-Advisory Agreement") between BNYM Investment Adviser and
Alcentra, with respect to the Fund, and call a Special Meeting of
Shareholders to seek shareholder approval of the Sub-Advisory
Agreement. In addition, the Board will be asked to approve an
interim sub-advisory agreement (the "Interim Sub-Advisory
Agreement") between BNYM Investment Adviser and Alcentra, with
respect to the Fund, which would take effect in the event that the
Transaction is effected before shareholder approval of the
Sub-Advisory Agreement is obtained, and the Fund would continue to
solicit shareholder approval of the Sub-Advisory Agreement while
the Interim Sub-Advisory Agreement is in place. If the Interim
Sub-Advisory Agreement goes into effect, it would expire upon the
earlier of 150 days after the Closing Date of the Transaction or
upon shareholder approval of the Sub-Advisory Agreement.
There will be no increase in the advisory fee payable by the
Fund to BNYM Investment Adviser as a consequence of the Transaction
and the sub-advisory fee payable to Alcentra under the Interim
Sub-Advisory Agreement and the Sub-Advisory Agreement will be
payable by BNYM Investment Adviser, not the Fund.
The Fund's investment strategy, management policies and
portfolio managers are currently not expected to change in
connection with the implementation of either the Interim
Sub-Advisory Agreement or the Sub-Advisory Agreement.
As sub-adviser to the Fund, Alcentra, subject to BNYM Investment
Adviser's supervision, will provide day-to-day management of the
Fund's investments. Alcentra, 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 was founded in 2002 and, together with
Alcentra Limited, managed more than $39 billion in assets as of
March 31, 2022. As of the Closing Date, Alcentra will become 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.
This press release is not a solicitation of any proxy. A proxy
statement further describing the Transaction and the Sub-Advisory
Agreement and requesting that shareholders vote to approve the
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
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.
Closed-end funds are traded on the secondary market through one
of the stock exchanges. The 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. Shares of closed-end funds may
trade above (a premium) or below (a discount) the net asset value
of the fund’s portfolio. There is no assurance that the 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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version on businesswire.com: https://www.businesswire.com/news/home/20220531005662/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
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