BNY Mellon building in New York. (Photo: AP)

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.

The Dreyfus Corp., the investment advisor for the Dreyfus Family of Funds, will be renamed BNY Mellon Investment Adviser Inc. MBSC Securities Corp., which distributes the Dreyfus open-end funds, will be renamed BNY Mellon Securities Corp.

The firm said it would roll out a marketing campaign later in the year to help raise awareness of the brand in the U.S. market.

BNY Mellon said its initiative followed a wide-ranging brand review that included feedback from investors and intermediaries. The firm’s eight investment managers will continue with individual brands to reflect their direct relationships with institutional investors, while the BNY Mellon Investment Management brand will become more prominent for global retail investors.

“Investing centers around meeting the needs of clients, and the strength of our business is that it is built around our investors,” Matt Oomen, the firm’s head of global distribution, said in the statement. Oomen said that leading with BNY Mellon Investment Management as its U.S. retail brand would make it easier for intermediary and retail clients to identify and access the firm’s full suite of investment solutions.

“In the institutional space, our clients value direct access to our investment managers and their strategies,” he said. “As a result, our investment managers’ brands lead in this space.”

— Check out Women in WealthTech: Christina Townsend of BNY Mellon Pershing on ThinkAdvisor.