BNY Dreyfus Consolidating Managers
A Prospectus Supplement filing for the BNY Family of Funds tells us, "The Bank of New York Mellon Corporation ('BNY') intends to consolidate several of its U.S. investment firms (the 'Adviser Consolidation'), effective, subject to regulatory requirements, on or about January 1, 2027.... The following investment advisers to the funds are involved in the Adviser Consolidation: BNY Mellon Investment Adviser, Inc. ('BNYIA') – each fund's primary investment adviser; Insight North America LLC ('INA') – a sub-adviser to certain funds; Mellon Investments Corporation, including its Mellon and Dreyfus divisions ('MIC') – a sub-adviser to certain funds; and, Newton Investment Management North America, LLC ('NIMNA') – a sub-adviser to certain funds." It explains, "The Adviser Consolidation will be effected via corporate mergers, with the surviving consolidated firm to be named '`BNY Investments Corporation.' Accordingly, the boards of the funds have approved (1) a new management agreement ('Management Agreement') for each fund with BNY Investments Corporation; (2) the termination of the existing sub-investment advisory agreements with the Involved Advisers that serve as sub-advisers to certain funds; and (3) Newton Investment Management Limited ('NIM') to provide advisory support to certain funds pursuant to an advisory support agreement where NIM previously served as a sub-sub investment adviser pursuant to a sub-sub-investment advisory agreement, all effective on the Effective Date." The filing states, "It is currently anticipated that each fund's portfolio managers from the Involved Advisers who are responsible for the day-to-day management of the fund's investments will continue to manage the fund's investments as of the Effective Date as portfolio managers for BNY Investments Corporation. It is also currently anticipated that there will be no material changes to a fund's investment objective(s), strategies or policies, no reduction in the nature, quality or level of services provided to a fund, and no increase in the management fee payable by a fund as a result of the Adviser Consolidation. The Adviser Consolidation will not involve a change in actual control or management of the Involved Advisers." It adds, "BNY is currently engaged in a global brand strategy initiative with the aim of building a global investment brand for BNY Investments. In connection with this initiative, 'BNY Mellon' is being replaced with 'BNY' to align with the BNY Investments brand. Further, for applicable money market fund registrants, 'BNY' is being added so that the name of money market fund registrants will begin with 'BNY Dreyfus.'"
