As part of a global brand initiative, BNY Mellon Investment Management on Monday announced that the Dreyfus brand on 94 long-term mutual funds, which had some $63 billion in assets under management as of Jan. 31, will be replaced with BNY Mellon.
The rebranding will become effective around June 3, the firm said in a statement.
The BNY Mellon Cash Investment Strategies division of Dreyfus, which manages 27 money market funds with approximately $160 billion under management, will retain the Dreyfus brand and be renamed Dreyfus Cash Investment Strategies.
“This is another step in our strategy to illustrate how we offer investors the best of both worlds: providing clients with access to the investment capabilities and creative solutions from our world-class investment managers, combined with the global scale and financial stewardship of BNY Mellon,” Mitchell Harris, BNY Mellon Investment Management’s chief executive, said in a statement.
“In the retail space, having a strong and recognizable brand is increasingly important to investors. The rebranding of Dreyfus is a significant milestone in supporting the growth of our U.S. retail business.”
BNY Mellon said no changes would occur to the investment objectives, strategies, portfolio managers or sub-investment advisors for the newly branded BNY Mellon long-term mutual funds or related products as a direct result of this initiative.