New absolute return diversified bond fund

LONDON, 15 November 2010 — BNY Mellon Asset Management has announced the launch of a new unconstrained global bond fund, the BNY Mellon Evolution Global Strategic Bond Fund. The investment manager of the Fund, a sub-fund of BNY Mellon Global Funds, plc, will be Standish Mellon Asset Management Company LLC, the award-winning fixed income specialist for BNY Mellon Asset Management.

Alan Mearns, chief executive officer at BNY Mellon Asset Management International, comments: "We're delighted to be launching this exciting new Fund, which follows an absolute return objective while investing across the full spectrum of fixed income securities. This approach offers not only significant diversification benefits, but also the scope to seek returns from a broad range of sources, and to adapt to a fast-changing investment landscape.

"The team at Standish is ideally placed to manage the Fund, combining the firm's exceptional global research capabilities with extensive experience of the use of fixed income derivatives to allow the fund to adapt to prevailing market conditions."

The Fund will seek to offer positive returns over a market cycle by exploiting relative value opportunities and investing across a broad array of sectors including sovereign bonds of developed and emerging economies, inflation-linked bonds, investment grade and high yield corporate bonds and currencies. Active management of duration using derivatives will be a key component allowing the Fund to add value in periods of rising bond yields. The Fund will be managed by the Global Fixed Income team at Standish, which leverages 88 dedicated fixed income investment professionals overseen by the chief investment officer, David Leduc.

Desmond Mac Intyre, chief executive officer at Standish, added: "We believe that high levels of volatility and ongoing dislocations in the global credit markets offer investors opportunities to reap attractive returns from bonds as the global economy recovers and inflationary pressures begin to build."

Headquartered in Boston, Massachusetts, Standish is a specialist active fixed income manager investing in global fixed income markets and across the full credit spectrum. The company is regarded as one of the world's premier fixed income managers, and has established a track record of managing portfolios in the US and Global Fixed Income market over the last several decades on behalf of a wide range of global clients. The company currently offers a wide range of credit-based and specialty bond strategies, including structured product workout solutions, for US and global pension funds, sovereign wealth funds, endowments, foundations, insurance companies, and other institutions. Standish emphasises fundamental research and quantitative models in attempt to outperform agreed-upon client benchmarks. This combination permits highly customised client solutions and also requires both strong risk controls and a high level of dedicated client service.

Standish Mellon Asset Management Company LLC, with $79 billion of assets under management, 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. Standish also offers full service capabilities in Insurance and Global Workout Solutions. The firm also includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation and The Bank of New York Mellon.

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 $24.4 trillion in assets under custody and administration and $1.14 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 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.