BNY Mellon Investment Management announced today that, in partnership and agreement with several of its investment firms, it has realigned those firms to enhance their specialist capabilities. The realignment changed the portfolio management arrangements for BNY Mellon Municipal Income, Inc., BNY Mellon Strategic Municipal Bond Fund, Inc. and BNY Mellon Strategic Municipals, Inc. (each, a "Fund"). As a result of the realignment, effective September 1, 2021 (the "Effective Date"), portfolio managers responsible for managing the Funds' investments who were employees of Mellon Investments Corporation ("Mellon") in a dual employment arrangement with BNY Mellon Investment Adviser, Inc. ("BNYM Investment Adviser"), the Funds' investment adviser, became employees of Insight North America LLC ("INA"), which, like Mellon, is an affiliate of BNYM Investment Adviser.
In addition, as of the Effective Date, BNYM Investment Adviser engaged INA to serve as each Fund's sub-adviser, pursuant to a sub-investment advisory agreement between BNYM Investment Adviser and INA. As each Fund's sub-adviser, INA provides the day-to-day management of the Fund's investments, subject to BNYM Investment Adviser's supervision and approval. As a result of the realignment, the Funds' portfolio managers manage the respective Fund's investments as employees of INA and are no longer employees of Mellon nor do they manage the Fund in their capacity as employees of BNYM Investment Adviser. There have been no material changes to any Fund's investment objective, strategies or policies, no reduction in the nature or level of services provided to the Funds, and no increase in the management fee payable by a Fund as a result of the engagement of INA as the Fund's sub-adviser. BNYM Investment Adviser (and not the Funds) pays INA for its sub-advisory services.
BNY Mellon Investment Adviser, Inc., the investment adviser for the Funds, is part of BNY Mellon Investment Management. BNY Mellon Investment Management is one of the world's leading investment management organizations, with US $2.2 trillion in assets under management as of December 31, 2020. BNY Mellon Investment Management encompasses BNY Mellon's affiliated investment management firms and global distribution companies. Through an investor-first approach, BNY Mellon Investment Management brings to clients the best of both worlds: specialist expertise from eight world-class investment firms offering solutions across every major asset class, backed by the strength, stability, and global presence of The Bank of New York Mellon Corporation (NYSE: BK), one of the world's most trusted investment partners, which has US $41.1 trillion in assets under custody and/or administration as of December 31, 2020.
Insight North America LLC is an indirect wholly-owned subsidiary of The Bank of New York Mellon Corporation registered in the United States with the Securities and Exchange Commission as an investment adviser. INA's principal office is located at 200 Park Avenue, New York, New York 10166. As of December 31, 2020, INA had approximately $47.8 billion of assets under management.1
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Additional information on BNY Mellon Investment Management is available on www.im.bnymellon.com. BNY Mellon Investment Management's website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate the website in this release.
Closed-end funds are traded on the secondary market through one of the stock exchanges. 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. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that a Fund will achieve its investment objective.
Forward Looking Statements
This press release may contain forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including, but not limited to, market developments, legal and regulatory developments and other additional risks and uncertainties. The Funds and BNY Mellon Investment Adviser, Inc. undertake no responsibility to update or revise any forward-looking statements.
This release is for informational purposes only and should not be considered as investment advice or a recommendation of any particular security.
1 Assets under management (AUM) is represented by the value of a client's assets or liabilities managed by INA. These will primarily be the mark-to-market value of investments managed by INA, including collateral if applicable. Where a client mandate requires INA to manage some or all of a client's liabilities, AUM will be equal to the value of the client's specific liability benchmark and/or the notional value of other risk exposure through the use of derivatives.
BNY Mellon Investment Adviser, Inc.