bny mellon sends standish high yield

BNY Mellon's Standish high yield bond team is to become part of another of the group's boutiques Alcentra Group in a move that more than doubles the US-based team from eight to 15.

bny mellon sends standish high yield


The change will be effective from 1 January 2013, and Paul Hatfield, currently chief investment officer, is moving to New York to become president and head of Alcentra’s US operations.

As a result, the Alcentra Group is expected to have approximately $23 billion under management, split between its US and European businesses.

Curtis Arledge, chief executive officer of BNY Mellon Investment Management, said the aim is to deliver distinctive investment results and develop tailored product solutions for clients and consultants.

“Alcentra is positioned as one of the largest, most experienced global credit managers to identify opportunities for our clients. Additionally, at a time when our Standish team continues to excel at delivering multi-sector fixed income performance, we are further deepening their capabilities through this connection. Together, these firms position us well to respond to evolving client demand,” he added.

David Forbes-Nixon, chairman and chief executive officer of Alcentra said that they firm has seen an increasing number of requests from sophisticated investors for mixed mandates with the flexibility to invest in both loans and bonds in one fund, adding that the change will “significantly enhance” Alcentra’s already strong high yield franchise to take it to the next level.

Standish will continue to leverage the high yield team for its Multi-sector mandates through dual officer arrangements and seek to leverage Alcentra’s bank loan capabilities for its Multi-sector and opportunistic clients.

Des Mac Intyre, Standish’s chairman and chief executive officer commented: “The creation of a deeper bench in sub-investment grade and distressed credit positions us well to respond to market opportunities. At the same time, the way we have structured this arrangement means that our existing clients will continue to benefit from our broad capabilities across both organizations”.



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