NEW YORK--(BUSINESS WIRE)--On November 1, 2022,
The Bank of New York Mellon Corporation's sale of Alcentra NY, LLC ("Alcentra NY") to Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton ("Franklin Templeton"), was completed today, November 1, 2022 (the "Closing Date").
In contemplation of the sale of Alcentra NY to Franklin Templeton, the Board and shareholders of each of BNY Mellon High Yield Strategies Fund and BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (each, a "Fund" and together, the "Funds") approved a new sub-investment advisory agreement between BNY Mellon Investment Adviser, Inc. ("BNYM Investment Adviser"), each Fund's investment adviser, and Alcentra NY (each, a "New Sub-Advisory Agreement"), effective as of the Closing Date. Accordingly, Alcentra NY serves as sub-adviser to each Fund pursuant to the respective New Sub-Advisory Agreement.
With respect to BNY Mellon Alcentra Global Multi-Strategy Credit Fund, Inc. (the "Multi-Strategy Fund"), while shareholder approval has not yet been obtained for a proposed new sub-investment advisory agreement between BNYM Investment Adviser and Alcentra NY (the "Proposed Sub-Advisory Agreement"), Alcentra NY now serves as sub-adviser to the Multi-Strategy Fund pursuant to an interim sub-investment advisory agreement between BNYM Investment Adviser and Alcentra NY (the "Interim Sub-Advisory Agreement"), which was approved by the Multi-Strategy Fund's Board. Implementation of the Interim Sub-Advisory Agreement will provide the Multi-Strategy Fund with more time to continue to seek shareholder approval of the Proposed Sub-Advisory Agreement. The Interim Sub-Advisory Agreement will expire the earlier of 150 days after the Closing Date or upon shareholder approval and effectiveness of the Proposed Sub-Advisory Agreement.
As sub-adviser to the Funds pursuant to the New Sub-Advisory Agreements, and to the Multi-Strategy Fund pursuant to the Interim Sub-Advisory Agreement, Alcentra NY, subject to BNYM Investment Adviser's supervision, provides day-to-day management of the respective fund's investments. Alcentra NY, 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 NY was founded in 2002 and, together with Alcentra Limited, managed more than $34 billion in assets as of September 30, 2022. Alcentra NY is 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.
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 $1.8 trillion in assets under management as of September 30, 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 $42.2 trillion in assets under custody and/or administration as of September 30, 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.
