Launch of BNY Mellon Cash Investment Strategies (CIS)
January 14 2009 - 12:43PM
PR Newswire (US)
Will Be Top-Tier Cash Provider Globally with More than $400 Billion
in AUM NEW YORK, Jan. 14 /PRNewswire-FirstCall/ -- BNY Mellon Asset
Management announced today that it has combined its money market
mutual fund and short duration fixed income businesses with the
launch of BNY Mellon Cash Investment Strategies (CIS), a top-tier
provider of institutional cash products globally with more than
$400 billion in assets under management. This includes money market
funds, offshore liquidity funds, institutional separate accounts
and stable value products. "To leverage Dreyfus' historical
strengths in money market and municipal cash products and
Standish's reputation as a short duration fixed income manager, we
have decided to combine the previously separate investment
management, credit research and distribution functions of these
firms under one business that will market and service the full
array of cash products, from money market to enhanced cash to short
duration funds," said Ronald P. O'Hanley, president and chief
executive officer of BNY Mellon Asset Management. "This will make
us a top-tier provider of cash management products globally, and
position us well to take advantage of major opportunities," he
continued. The CEO of BNY Mellon Cash Investment Strategies will be
J. Charles Cardona. This group will report to Mitchell Harris, CEO
of Standish and Chairman of all of BNY Mellon Asset Management's
Fixed Income, Cash and Currency Overlay businesses. CIS was
launched on January 1, 2009 with more than $400 billion in assets
under management -- approximately $300 billion in money market and
municipal money market products and $100 billion in short duration
cash products. The new group operates as a division of The Dreyfus
Corporation. The Bank of New York Mellon Corporation is a global
financial services company focused on helping clients manage and
service their financial assets, operating in 34 countries and
serving more than 100 markets. The company is a leading provider of
financial services for institutions, corporations and
high-net-worth individuals, providing superior asset management and
wealth management, asset servicing, issuer services, clearing
services and treasury services through a worldwide client-focused
team. It has $22.4 trillion in assets under custody and
administration, approximately $1.1 trillion in assets under
management and services $12 trillion in outstanding debt.
Additional information is available at bnymellon.com. BNY Mellon
Asset Management is the umbrella organization of The Bank of New
York Mellon Corporation's affiliated investment management and
brokerage businesses. DATASOURCE: The Bank of New York Mellon
Corporation CONTACT: Patrice M. Kozlowski, New York,
+1-212-922-6030, ; Jamie Brookes, London, +44-20-7163-2146, Web
Site: http://bnymellon.com/
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