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BNY Mellon Investment Management completes credit income fund IPO with $140m

Wednesday, November 01, 2017

Komfie Manalo, Opalesque Asia:

BNY Mellon's investment management and wealth management unit BNY Mellon Investment Management said that it has completed the initial public offering of common shares of Dreyfus Alcentra Global Credit Income 2024 Target Term Fund and has attracted $140m in capital.

BNY Mellon said that Dreyfus Alcentra commenced trading on October 27 on the New York Stock Exchange. BNY Mellon's Dreyfus Corporation serves as the investment manager of the fund. The fund is managed by Chris Barris, global head of high yield and deputy chief investment officer, Alcentra and Kevin Cronk, CFA, managing director and head of US Credit, of Alcentra. They each have over 20 years of investment experience respectively with a focus on high yield credit.

"With the launch of Dreyfus Alcentra Global Credit Income 2024 Target Term Fund, we see an opportunity for investors looking for the potential for an attractive income stream in a yield challenged market through a global multi-strategy credit approach," said Mark Santero, chief executive officer and president of Dreyfus. "We are excited to be working with Alcentra with their leading global corporate credit platform, experience with retail products and track record as one of the largest managers......................

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