Standish Mellon Asset Management to Launch TALF Strategies
June 04 2009 - 8:31AM
PR Newswire (US)
Sees advantage to early investors in program BOSTON, June 4
/PRNewswire-FirstCall/ -- Standish Mellon Asset Management Company
LLC, the fixed income specialist for BNY Mellon Asset Management,
will offer investment strategies that will enable its clients to
invest in securities related to the Term Asset-Backed Securities
Loan Facility (TALF). Standish said it is initiating these
strategies because of strong expressions of interest from its
clients. It expects to begin investing client money by early July.
"We believe that investors who are the early buyers of asset-backed
securities (ABS) in the TALF Program have the potential for the
biggest gains," said Desmond Mac Intyre, president and chief
executive officer of Standish. "As more money flows into these
investments, the overall spreads should tighten and the
opportunities for strong returns will diminish. However, it is
important to remember the TALF program is essentially a
buy-and-hold strategy which is dependent on strong upfront
securities selection and price discovery. That is why our strong
research team will be invaluable as we determine which securities
are most attractive for our investors." Standish will create two
separate investment strategies. The first will target new issues of
consumer ABS and commercial mortgaged-backed securities (CMBS). The
second is designated as an Expanded TALF strategy that will include
legacy assets such as non-agency CMBS, consumer ABS and non-agency
residential mortgaged-backed securities (RMBS). "We view the TALF
initiative as having the potential to be the most successful of the
government programs aimed at resuscitating financial markets," said
Tom Graf, managing director of structured products and global
workout solutions. "It is among the least expensive programs, has
already established strong momentum, and continues to have growing
participation. We stand ready to structure strategies to meet
various client needs as they seek to invest in this program." All
information source BNY Mellon Asset Management as of 31 March 2009
except where noted. The views represented in this document are
those of Standish Mellon Asset Management and do not necessarily
represent the views of the BNY Mellon Asset Management umbrella
organization. This press release is qualified for issuance in the
US and is for information purposes only. It does not constitute an
offer or solicitation of securities or investment services or an
endorsement thereof in any jurisdiction or in any circumstance in
which such offer or solicitation is unlawful or not authorized.
This press release is issued by BNY Mellon Asset Management to
members of the financial press and media and the information
contained herein should not be construed as investment advice. Past
performance is not a guide to future performance. A Bank of New
York Mellon Company(SM) Notes to Editors: Standish Mellon Asset
Management Company LLC, with $55 billion of assets under
management, (as of April 1, 2009), provides investment management
services across a broad spectrum of fixed income asset classes.
These include corporate credit (investment-grade and high-yield),
emerging markets debt (dollar-denominated and local currency), core
/ core plus and opportunistic (U.S. and global) strategies. The
firm also includes assets managed by Standish personnel acting as
dual officers of The Dreyfus Corporation and The Bank of New York
Mellon, each a subsidiary of The Bank of New York Mellon
Corporation. BNY Mellon Asset Management is the umbrella
organization for The Bank of New York Mellon Corporation's
affiliated investment management firms and global distribution
companies. 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 $19.5 trillion in assets under custody and
administration, $881 billion in assets under management, services
more than $11 trillion in outstanding debt and processes global
payments averaging $1.8 trillion per day. Additional information is
available at http://www.bnymellon.com/. DATASOURCE: The Bank of New
York Mellon Corporation CONTACT: Mike Dunn, +1-212-922-7859, , or
Sarah Deutscher, +44-20-7163-2744, Web Site:
http://www.bnymellon.com/
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