PR Newswire
LONDON
(NYSE:BK)
Aug 2, 2007
LONDON, 2 August 2007 — BNY Mellon Asset Management has announced the addition of the Evolution Currency Alpha Fund and Evolution Core Alpha Fund to its Dublin-domiciled Mellon Global Funds (MGF) Evolution range1. Launched in early July, both funds are managed by Mellon Capital Management Corporation, one of BNY Mellon Asset Management's specialist asset managers focused on global quantitative strategies and pioneers of Global Tactical Asset Allocation® (GTAA).
The Evolution Currency Alpha Fund seeks to outperform one-month EURIBOR and generate alpha from Mellon Capital's proven quantitative currency strategy2. This systematic, value-driven approach invests in long and short positions from major currency markets to provide consistent returns. Risk parameters are a critical element to the Fund.
The Evolution Core Alpha Fund is managed according to Mellon Capital's GTAA strategy and aims to generate alpha by exploiting valuation opportunities across developed equity, bond and currency markets. The Fund has an annualised net target return of EURIBOR + 2%3 over a three to five year rolling period and is underpinned by rigorous risk controls.
The strategy adopted by this Fund is a more focused version of the Standard & Poor's AA rated Evolution Global Alpha Fund that has already attracted in excess of US$1billion in assets under management since its launch in September 20064.
Commenting on the new launches, Alan Mearns, chief executive officer of Mellon Global Investments, said:
"Our two existing Evolution funds have clearly struck a chord with investors and financial planners. As the marketplace becomes more sophisticated, investors are looking for strategies that can produce a return in all market conditions with a controlled level of risk. These two new additions to the Evolution range add new choices to the range of alpha sources available in the same UCITS III risk managed structure."
He concluded: "The substantial interest we have seen to date in the Evolution fund range, reflects the huge appetite for absolute return products in Europe."
BNY Mellon Asset Management, the asset management arm of The Bank of New York Mellon Corporation, is a leading global provider of investment management products and services. Its experts help clients achieve their goals through a wide array of strategies in every major sector and asset class through various distribution channels. Its products and services are distributed internationally through Mellon Global Investments.
The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and move their financial assets, operating in 37 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 and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration and more than $1 trillion in assets under management. Additional information is available at www.bnymellon.com.
All information and figures source Mellon Global Investments unless otherwise stated as at 30 June 2007. This press release is issued by Mellon Global Investments Limited to members of the financial press and media and the information contained herein should not be construed as investment advice. Registered office: Mellon Financial Centre, 160 Queen Victoria Street, London, EC4V 4LA • Registered in England no.1118580
Authorised and regulated by the Financial Services Authority
A Bank of New York Mellon CompanySM