BNY, Insight Bring Absolute Return Fund Stateside
New York-based BNY Mellon Investment Management has launched its first fund subadvised by London-based Insight Investment.
The BNY Mellon Absolute Insight Multi-Strategy Fund is the first mutual fund launched in the U.S. to be managed by Insight, which brings a 10-year track record of instituting absolute return products to the U.S. The fund is intended to provide investors with resilient absolute returns through episodes of market dislocation by emphasizing capital preservation over 12-month periods with volatility similar to that of conservative fixed-income assets and a low correlation to stocks and bonds.
Sonja Uys, lead fund manager, said, “We find that investors are looking for strategies that can be resilient through turbulent periods. Our fund can invest across a range of absolute return strategies in order to achieve a high degree of built-in diversification.”
Uys, who is supported by specialist managers responsible for the underlying portfolios, says that the new fund can be used effectively to diversify institutional and individual retirement portfolios.
According to Uys, the fund’s mandate is to invest in six strategies including equities, fixed income and currencies.
The fund will be advised by the Dreyfus Corporation, a BNY Mellon Company, and distributed by MBSC Securities Corporation (MBSC), a subsidiary of Dreyfus. The fund will be available in Class A, C and I shares with a minimum $1,000 initial investment. It will also be available in Institutional Y shares with a minimum investment of $1 million, with no minimum subsequent investment.
The new fund will trade under the ticker MAJIX.
Cordium Launches Social Media Review Service
New York-based compliance consulting and software firm Cordium has launched a new social media review service.
In an era where regulators are more closely monitoring compliance across digital platforms, business communications via social media have become an area of interest.
The social media review service assists firms in monitoring social media profiles and publicly available content.