NEW YORK, Nov. 18, 2020 /PRNewswire/ -- Dreyfus Cash
Investment Strategies (Dreyfus CIS), a BNY Mellon Investment
Management firm with $254bn in assets
under management1, today announced that it will be
optimizing its suite of money market funds to meet the evolving
needs of cash investors.
The enhancements to Dreyfus CIS' money market fund range over
the next several months will result in:
- A streamlined product offering of 19 funds across three fund
families to provide investment choice across all major money market
asset classes.
- A uniform pricing structure within each fund family to improve
client navigation, as well as reduced management fees in four
retail funds and one institutional fund.
- Broader investor eligibility through lower investment minimums
in many fund share classes.
"For nearly 50 years, as markets and client needs have changed,
Dreyfus CIS has met the cash management needs and preferences of
investors," said Stephanie Pierce,
CEO of ETF, Index, and Cash Investment Strategies at BNY Mellon
Investment Management. "As part of BNY Mellon, Dreyfus CIS offers
clients deep investment expertise, resilient infrastructure, and a
record of strong financial stewardship across the entire cash
spectrum. Streamlining our money market fund range is part of our
ongoing commitment to providing clients with the professional money
management and competitive market returns they expect from us."
These actions build upon Dreyfus CIS' other recent enhancements,
which include trading platform technology upgrades that are
currently being rolled out to institutional and intermediary
clients, the launch of a money market IMPACT strategy (Diversity
& Inclusion)2, and updates to the investment
guidelines on one government money market fund to help meet the
needs of Federal Credit Unions.
All fund changes have been approved by the respective Fund
Boards and certain actions will require shareholder approval over
the coming months.
Changes to Dreyfus CIS Money Market Fund
Range3
Dreyfus CIS
Proposed Fund Range
|
Cash Management
Family
|
Fund
Name
|
Fund
Classification
|
Dreyfus Cash
Management
|
Institutional
Prime
|
Dreyfus Government
Cash Management
|
Government
(Repo)
|
Dreyfus Government
Securities Cash Management
|
Government
|
Dreyfus Treasury
Obligations Cash Management
|
Treasury
(Repo)
|
Dreyfus Treasury
Securities Cash Management
|
Treasury
|
Dreyfus Tax Exempt
Cash Management
|
Institutional
Municipal
|
Dreyfus AMT-Free
Municipal Cash Management Plus
|
Retail
Municipal
|
Dreyfus AMT-Free New
York Municipal Cash Management
|
Retail
Municipal
|
Preferred
Family
|
Fund
Name
|
Fund
Classification
|
Dreyfus Institutional
Preferred Government Money Market
|
Government
(Repo)
|
Dreyfus Institutional
Preferred Government Plus Money Market Fund
|
Government
(Repo)
|
Dreyfus Institutional
Preferred Treasury Securities Money Market Fund
|
Treasury
|
Dreyfus Institutional
Preferred Treasury Obligations (formerly Dreyfus Institutional
Treasury Obligations Cash Advantage)
|
Treasury
(Repo)
|
Dreyfus Family
& Specialty Funds
|
Fund
Name
|
Fund
Classification
|
Dreyfus Money Market
Fund, Inc.
|
Retail
Prime
|
Dreyfus National
Municipal Money Market
|
Retail
Municipal
|
Dreyfus New York
Municipal Money Market
|
Retail
Municipal
|
Dreyfus Treasury and
Agency Liquidity Money Market
|
Treasury
(Repo)
|
BNY Mellon Variable
Investment Fund Government Money Market Portfolio
|
Government
(Repo)
|
Dreyfus Basic Money
Market Fund, Inc.
|
Retail
Prime
|
Dreyfus Prime Money
Market Fund
|
Retail
Prime
|
|
|
|
|
Fund Liquidations
and Mergers
|
Mergers
|
Fund
Classification
|
General Government
Securities to merge into Dreyfus Government Cash
Management
|
Government
(Repo)
|
Dreyfus Institutional
Treasury Securities Cash Advantage to merge into Dreyfus
Institutional Preferred Treasury Securities Money Market
Fund
|
Treasury
|
General Treasury
Securities Money Market Fund to merge into Dreyfus Treasury
Securities Cash Management
|
Treasury
|
Dreyfus Institutional
Preferred Money Market to merge into Dreyfus Cash
Management
|
Institutional
Prime
|
Dreyfus Liquid Assets
to merge into Dreyfus General Money Market Fund, Inc.
|
Retail
Prime
|
Liquidations
|
Fund
Classification
|
General Treasury and
Agency Money Market Fund
|
Treasury
(Repo)
|
General California
Municipal Money Market Fund
|
Retail
Municipal
|
About Dreyfus Cash Investment Strategies
With assets
under management of $254 billion as
of October 30, 2020, Dreyfus Cash
Investment Strategies (Dreyfus CIS), a division of BNY Mellon
Investment Adviser, Inc., is one of the industry's leading
institutional managers of money market strategies. The firm
provides institutional investors and intermediaries access to a
broad array of domestic and offshore money market funds in all
major asset categories, including prime, treasury, U.S. government,
and municipal. Each money market fund combines the strength of our
tenured investment management team with fundamental credit
research. Dreyfus CIS' investment professionals utilize an
interactive, team-based decision-making approach that strives to
deliver sound results in various market cycles. Additional
information on Dreyfus Cash Investment Strategies is available on
www.dreyfus.com.
About BNY Mellon Investment Management
BNY Mellon
Investment Management is one of the world's largest investment
firms, with US $2 trillion in assets
under management as of September 30,
2020. Through an investor-first approach, the firm 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, one of the world's most trusted investment partners.
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 US $38.6 trillion in assets
under custody and/or administration as of September 30, 2020. 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.
Media Contacts:
Courtney
Woolston
BNY Mellon Investment Management
212-635-6027
courtney.woolston@bnymellon.com
Not FDIC Insured. Not Bank Guaranteed. May Lose
Value.
Investors should consider the investment objectives, risks,
charges, and expenses of a money market fund carefully before
investing. To obtain a prospectus, or summary prospectus, if
available that contains this and other information about the fund,
visit www.dreyfus.com. Investors should read the prospectus
carefully before investing.
Retail Prime and Tax-Exempt/Municipal Money Market
Funds: You could lose money by investing in a money market
fund. Although the fund seeks to preserve the value of your
investment at $1.00 per share, it
cannot guarantee it will do so. The fund may impose a fee upon the
sale of your shares or may temporarily suspend your ability to sell
shares if the fund's liquidity falls below required minimums
because of market conditions or other factors. An investment
in the fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. The fund's
sponsor has no legal obligation to provide financial support to the
fund, and you should not expect that the sponsor will provide
financial support to the fund at any time.
Government/Treasury Money Market Funds: You could
lose money by investing in a money market fund. Although the fund
seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do
so. An investment in the fund is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government
agency. The fund's sponsor has no legal obligation to provide
financial support to the fund, and you should not expect that the
sponsor will provide financial support to the fund at any time.
Although the fund's board has no current intention to impose a fee
upon the sale of shares or temporarily suspend redemptions if the
fund's liquidity falls below certain levels, the board reserves the
ability to do so after providing at least 60 days prior written
notice to shareholders.
Institutional Prime and Tax-Exempt Money Market Funds:
You could lose money by investing in a money market fund. Because
the share price of the fund will fluctuate, when you sell your
shares they may be worth more or less than what you originally paid
for them. The fund may impose a fee upon the sale of your shares or
may temporarily suspend your ability to sell shares if the fund's
liquidity falls below required minimums because of market
conditions or other factors. An investment in the fund is not
insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The fund's sponsor has no legal
obligation to provide financial support to the fund, and you should
not expect that the sponsor will provide financial support to the
fund at any time.
This information should not be construed as investment advice or
the recommendation for any particular investment. Please consult a
legal, tax or financial professional in order to determine whether
an investment product or service is appropriate for a particular
situation. No part of this material may be reproduced in any form
without express written permission.
BNY Mellon is the corporate brand for The Bank of New York
Mellon Corporation. Dreyfus Cash Investment Strategies (Dreyfus
CIS) is a division of BNY Mellon Investment Adviser, Inc., a
registered investment adviser. Dreyfus Cash Solutions is a division
of BNY Mellon Securities Corporation, a registered broker dealer
and the distributor for the BNY Mellon Family of Funds. BNY Mellon
Investment Management is one of the world's leading asset
management organizations and one of the top U.S. wealth managers,
encompassing BNY Mellon's affiliated investment management firms,
wealth management services and global distribution companies.
1 As of October 30,
2020
2 Launched November
2019 for the Dreyfus Government Securities Cash Management
Fund.
3 This does not encompass all changes that have
been approved by the Fund boards to the Dreyfus CIS money market
funds as of November 18, 2020 and is
intended to be illustrative of approved actions, actions which
require shareholder approval, and the resulting offering over the
coming months. Please refer to the related prospectuses for a full
list of changes to the funds, including but not limited to
additional share classes and fee changes, as well important dates
and information related to shareholder approval.
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SOURCE BNY Mellon Investment Management