Mellon Global Investments announced over the holiday that it plans to launch a new range of mutual funds to be based in Dublin under the name Mellon Global Funds.
Mellon Global Funds is being set up as an an umbrella fund, and is applying for authorisation under the EU's UCITS legislation (Undertakings for Collective Investment in Transferable Securities).
Mellon Global Investments is the non-US asset management division of Mellon Financial Corporation. Headquartered in Pittsburgh, Mellon has some $540bn (€581bn) under management. It has 12 fund management subsidiaries including Newton Investment Management, Dreyfus Corporation, Mellon Capital Management and Pareto Partners.
The fund range will complement Mellon's existing UK-based open ended investment company (oeics) funds and its offshore range in Jersey. As UCITS funds are accepted in more European countries than the existing structures, the 23-sub fund umbrella will be the group's mutual fund passport into Europe.
The bulk of the new mutual fund range will be managed by Newton Investment Management, while custody and back-office services will be provided by Mellon Fund Administration. Four of the funds, intended for global distribution, will be tracker funds and will be managed by Mellon Capital, the US-based passive investment arm.
Mellon also announced that it is to move into proprietary hedge funds, and is seeking regulatory approval to set up Mellon Global Alternative Investments. Derek Stewart and Scott MacDonald were hired from Liberty Ermitage, the UK hedge fund firm with $2bn under management, to run the new London-based subsidiary which goes live next year.
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