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BNY Mellon Asset Management launches global macro fund

Date: Thursday, April 24, 2008
Author: HedgeWeek

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BNY Mellon Asset Management has launched a global macro absolute return fund aimed at institutional investors, the Dublin-domiciled qualifying investor fund BNY Mellon Enhanced Coefficient Select Fund.

The fund is managed by Coefficient Global, a division of Standish Mellon Asset Management that specialises in quantitatively macro strategies as one of BNY Mellon Asset Management's active asset managers focused on fixed income and absolute return strategies.

The Dublin-domiciled qualifying investor fund aims to deliver a high absolute return, targeting 15 per cent above one-month US dollar Libor over a market cycle. The Coefficient Global investment team uses a model-based approach to take positions in assets where persistent structural inefficiencies exist and where investors, at times, demand excessive expected risk premiums.

The fund has broad global reach and takes long and short positions across developed equity markets, sovereign fixed income, high yield and developed and emerging currencies, employing a variety of models with both shorter- and longer-term investment horizons.

'Even though we focus mainly on liquid assets and markets, our systematic process can identify mispricings, based on other investors' biases, that enable us to structure profitable investment strategies for the fund,' says Lex Huberts, chief investment officer of Coefficient Global.

Alan Mearns, chief executive of BNY Mellon Asset Management International, adds: 'This fund represents an attractive option as an allocation to 'alternatives' or as a funded way to mimic global overlay alpha. Its innovative structure incorporating daily dealing and liquidity will appeal to a wide range of institutional investors.'

Standish Mellon Asset Management was founded in 1933 and specialises in global fixed income and absolute return strategies. At the end of last year, the firm had USD170bn in assets under management, including assets managed on behalf of Mellon Bank, Dreyfus Corporation and Bank of New York.

Bank of New York Mellon provides asset management and wealth management, asset servicing, issuer, clearing and treasury services to institutions, corporations and high net worth individuals through offices in 34 countries and has more than USD23trn in assets under custody and administration, USD1.1trn in assets under management, and services USD12trn in outstanding debt.