BNY Mellon IM Unveils U.S. Infrastructure Debt Fund

Apr 20 2017 | 7:19pm ET

BNY Mellon Investment Management has unveiled a new UCITS-compliant infrastructure-focused fund that will concentrate on U.S. municipal debt. 

The new fund, named the BNY Mellon U.S. Municipal Infrastructure Debt Fund, will seek above-average yield while maintaining an investment-grade risk rating, according to an article on Citywire. Said to be the first of its kind in a UCITS structure, investments will focus primarily on taxable and U.S. tax-exempt municipal bonds that have been issued to finance infrastructure projects and sectors in the U.S.

The fund will be domiciled in Dublin and sub-advised by BNY Mellon’s Boston-based fixed-income subsidiary Standish Mellon Asset Management. Christine Todd, head of Standish’s municipal debt and insurance strategies, will be the manager, Citywire said. 

“There is currently a significant opportunity in U.S. municipal debt, especially at a time when U.S. infrastructure is expecting to receive a boost under President Trump’s administration,” said Todd in a statement. 

The fund is passported for sale in the U.K.., Germany, France, Italy, Spain, the Netherlands, Austria, Belgium, Denmark, Finland, Norway, and Sweden, with registeration in Switzerland expected at a later date. 

BNY Mellon Investment Management is one of the world's largest multi-boutique investment managers, encompassing BNY Mellon's 13 diversified investment boutiques, wealth management business and mutual fund company Dreyfus. The company managed more than $1.72 trillion as of March 31, 2017.

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