The $1.8trn asset manager told clients in a written note sent on Tuesday night that UK-domiciled products for retail investors and their intermediaries will be rebranded in a move effective from 10 June.
It follows in the footsteps of its US business where funds under the Dreyfus brand will also be rebranded as BNY Mellon products, in a move announced in March.
In total, 34 funds will be rebranded, joining the five existing UK-domiciled funds for retail investors with BNY Mellon branding. The £6.8bn Newton Real Return and £5.3bn Global Income funds are among the largest funds affected alongside the Global Dynamic Bond and Global Equity funds, and the Multi-Asset Balanced fund.
‘It doesn’t change anything structurally at all’
The UK move does not coincide with any changes to business strategy at the asset manager, which runs a multi-boutique model, and Newton Investment Management and Insight Investment will continue under their existing brands despite the changes to the fund names.
Institutional-only products will remain under the existing boutique names.
BNY Mellon IM global head of distribution Matt Oomen said no personnel changes would result from the rebranding. “Our sales people have carried BNY Mellon business cards for some time. It doesn’t change the way people’s money is managed or the firms they’re managed by. It doesn’t change anything structurally at all, it’s really a branding initiative.”
The departure in April of head of UK and Ireland intermediary distribution Fergus McCarthy, who is currently on gardening leave, was not connected to the changes, Oomen confirmed.
BNY Mellon more familiar to retail investors
The rebrand would create one simplified and consistent brand strategy in the UK for intermediary and retail investors, a press release published on Wednesday said. It also brings the UK in line with every other market in which BNY Mellon operates, including Europe and Asia Pacific, plus the US once Dreyfus rebrands $63bn worth of funds from 3 June.
Anne-Marie McConnon (pictured), chief marketing officer at BNY Mellon Investment Management, told Portfolio Adviser a global brand campaign with a large focus on digital will launch in June.
BNY Mellon IM spoke to 60 client organisations worldwide as part of its brand overhaul, McConnon said. Advisers and distributors told the asset manager the BNY Mellon brand was more recognisable to retail investors.
Explaining the different branding approach based on investor type, she said: “When we spoke to clients, what we heard from them is that institutional clients really valued that direct access to our investment boutiques so from that perspective we’re going to be dialing up the boutiques. But as you go more retail, what we know is that clients value that one point of access and the bigger investment brands.”
The change allows BNY Mellon IM to invest more heavily in a single brand and makes it easier for clients to find the firm, said Oomen. “Quite frankly, when we did the research, it was really apparent that when you went to search for our funds it wasn’t as easy as it might be. Some platforms would name BNY Mellon in there somewhere, some wouldn’t.”
BNY Mellon IM chief executive Mitchell Harris said the changes highlight the “global scale and financial stewardship” of the parent company. “In intermediary and retail, having a strong and recognisable brand is increasingly important and we want to make it as easy as possible for clients to identify and access our full suite of investment solutions,” Harris said.
Insight and Newton funds to be rebranded
|Old sub-fund name||New sub-fund name|
|Insight Corporate Bond Fund||BNY Mellon Corporate Bond Fund|
|Insight Equity Income Fund||BNY Mellon Equity Income Fund|
|Insight Equity Income Booster Fund||BNY Mellon Equity Income Booster Fund|
|Insight Global Absolute Return Fund||BNY Mellon Global Absolute Return Fund|
|Insight Global Multi-Strategy Fund||BNY Mellon Global Multi-Strategy Fund|
|Insight Inflation-Linked Corporate Bond Fund||BNY Mellon Inflation-Linked Corporate Bond Fund|
|Newton 50/50 Global Equity Fund||BNY Mellon 50/50 Global Equity Fund|
|Newton Asian Income Fund||BNY Mellon Asian Income Fund|
|Newton Continental European Fund||BNY Mellon Continental European Fund|
|Newton Emerging Income Fund||BNY Mellon Emerging Income Fund|
|Newton Global Balanced Fund||BNY Mellon Multi-Asset Global Balanced Fund|
|Newton Global Dynamic Bond Fund||BNY Mellon Global Dynamic Bond Fund|
|Newton Global Dynamic Bond Income Fund||BNY Mellon Global Dynamic Bond Income Fund|
|Newton Global Emerging Markets Fund||BNY Mellon Global Emerging Markets Fund|
|Newton Global Equity Fund||BNY Mellon Global Equity Fund|
|Newton Global High Yield Bond Fund||BNY Mellon Global High Yield Bond Fund|
|Newton Global Income Fund||BNY Mellon Global Income Fund|
|Newton Global Opportunities Fund||BNY Mellon Global Opportunities Fund|
|Newton Index Linked Gilt Fund||BNY Mellon Index Linked Gilt Fund|
|Newton International Bond Fund||BNY Mellon International Bond Fund|
|Newton Long Corporate Bond Fund||BNY Mellon Long Corporate Bond Fund|
|Newton Long Gilt Fund||BNY Mellon Long Gilt Fund|
|Newton Multi-Asset Balanced Fund||BNY Mellon Multi-Asset Balanced Fund|
|Newton Multi-Asset Diversified Return Fund||BNY Mellon Multi-Asset Diversified Return Fund|
|Newton Multi-Asset Growth Fund||BNY Mellon Multi-Asset Growth Fund|
|Newton Multi-Asset Income Fund||BNY Mellon Multi-Asset Income Fund|
|Newton Oriental Fund||BNY Mellon Oriental Fund|
|Newton Real Return Fund||BNY Mellon Real Return Fund|
|Newton Sustainable Global Equity Fund||BNY Mellon Sustainable Global Equity Fund|
|Newton Sustainable Real Return Fund||BNY Mellon Sustainable Real Return Fund|
|Newton Sustainable Sterling Bond Fund||BNY Mellon Sustainable Sterling Bond Fund|
|Newton UK Equity Fund||BNY Mellon UK Equity Fund|
|Newton UK Income Fund||BNY Mellon UK Income Fund|
|Newton UK Opportunities Fund||BNY Mellon UK Opportunities Fund|