BNY Mellon Global Equity Higher Income Fund aimed at offshore investors

LONDON, 24 September 2010 — BNY Mellon Asset Management has announced the launch of a new global equity fund, the BNY Mellon Global Equity Higher Income Fund. The UCITS III authorised Dublin domiciled fund is a sub-fund of BNY Mellon Global Funds, plc and will be managed by Newton Investment Management Limited, one of BNY Mellon's boutique asset managers.

The BNY Mellon Global Equity Higher Income Fund will be managed by James Harries, director of investment, global funds, at Newton. With over 13 years investing experience in global equities, Harries has access to the extensive expertise of the research teams at Newton. The Fund will invest primarily in a portfolio of equity and equity related securities of companies located worldwide, in line with Newton's global thematic investment approach and aims to achieve increasing annual distributions together with long-term capital growth.

Paul Feeney, head of international distribution at BNY Mellon Asset Management, comments: "This new fund is based on the successful UK domiciled strategy, the Newton Global Higher Income Fund. With authorities around the world seeking to repair defective credit markets and to support economies in the aftermath of the global credit crisis, the rates of income payable on most asset classes have changed significantly. We believe that Newton's expertise in managing yield-based investments will be attractive to international investors."

James Harries added: "Interest rates and the levels of income payable on government bonds have fallen precipitously. Whilst near-term changes in asset prices are uncertain, we recognize the long-term attractions of harnessing income from investing in equities. Dividends offer investors some downside protection in bear markets by remaining generally more stable than companies' earnings. The maintenance of a rigorous yield discipline may serve also to accelerate investors' returns when markets recover by leading investors to buy shares inexpensively during depressed periods in markets."

The Newton Global Higher Income Fund, a UK domiciled fund launched in November 2005, and ranks first quartile over a three year period. Since launch the Fund returned 39.16%. The Newton Global Higher Income Fund is AA rated by Standard & Poor's, 4-star Morningstar, and has an A OBSR rating.*

Based in London, Newton specialises in global and regional equities and bonds, as well as multi-asset, unconstrained and absolute return funds. Recently awarded "Equity Manager of the Year" at the UK Pensions Awards, Newton is widely recognised as a top-tier investment house, renowned for its distinctive global thematic investment approach, which is applied consistently across all strategies.

Newton is a London-based global asset management subsidiary of The Bank of New York Mellon Corporation and part of BNY Mellon Asset Management. With assets under management of more than $67 billion, including assets managed by Newton Investment Management Limited as dual officers of Newton Capital Management Limited and The Bank of New York Mellon, Newton's group of affiliated companies provides a broad range of award-winning investment products and services to individuals, pension funds, charities and corporations. News and other information about Newton is available at www.newton.co.uk.

BNY Mellon Asset Management is the umbrella organization for BNY Mellon's affiliated investment management firms and global distribution companies.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon 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 $21.8 trillion in assets under custody and administration and $1.0 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available at www.bnymellon.com.