Fund hits US$100m mark within first three months since launch

LONDON, 12 May 2011 — BNY Mellon Asset Management received a strong response from the market to the launch on 31 January 2011 of the BNY Mellon Absolute Return Equity Fund ('the Fund'), a new fund in its range to be managed by Insight Investment Management (Global) Limited, part of BNY Mellon Asset Management. Strong inflows of new assets during its first quarter helped the Fund reach the milestone US$100m assets under management mark.

A sub-fund of the Dublin-domiciled, UCITS III fund range, BNY Mellon Global Funds, plc, the Fund is managed by Insight Investment's highly experienced specialist equity team, who have established a five year track record of generating positive returns in the Absolute Insight UK Equity Market Neutral strategy.

Paul Feeney, head of international distribution at BNY Mellon Asset Management, comments, "We anticipated a very positive response from the market to this new fund and we have not been disappointed. Absolute return funds are in strong demand this year as a result of equity markets remaining highly volatile and global economies continuing to deliver negative news. Our new offering is highly regarded by the industry as a result of it being a long short, pan-European investment strategy that aims to deliver positive returns in all market conditions over a 12 month period by employing a paired trade approach. The experience of the specialist equity team at Insight Investment and their consistently strong investment performance track record are key attractions for the Fund."

The Fund's investment process capitalises on the skills and stock picking experience of the team and is grounded in the paired-trade approach which Insight's specialist equity team has applied within its Absolute Insight UK Equity Market Neutral Strategy since May 2005. The Fund can also take large investment positions and directional market exposure to capture upside opportunities. As well as the dynamic management of net and gross exposure and daily liquidity, the managers employ a stop-loss discipline on each investment position to help contain downside risk and drawdowns. Through focused research, conducted by a cohesive and highly skilled team of investment professionals, the Fund aims to identify pricing anomalies and profit from those opportunities through carefully constructed investment positions. Unwanted risks are hedged out. Although the Fund has no geographical constraints, initial focus has been on pan-Europe, with a bias towards the 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, offering superior investment management and investment services through a worldwide client-focused team. It has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.7 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.

Insight Investment manages funds for institutional and retail clients across a range of asset types including equities, bonds, derivatives and alternatives, with the aim of providing precise investment solutions for investment needs. Insight's assets under management total more than $190.2 billion.