An Introduction to BNY Mellon Asset Management

Transcription

1 An Introduction to BNY Mellon Asset Management

2 You demand expertise in all asset classes. In an increasingly complex and uncertain environment, you need innovative investment solutions. Who s helping you? Founded on the principle of independent thought, research, and entrepreneurship, we believe there is no other asset management business that has BNY Mellon Asset Management s breadth and depth of product offering. We are dedicated to providing world-class customer service to our clients and their advisors throughout their relationship with us. 1

3 About Us At BNY Mellon Asset Management, our goal is to build and manage investment strategies that address the ever changing needs of our clients. It starts with our multiple, autonomous investment firms world-class investment boutiques representing a broad spectrum of distinctive asset management styles. Drawing on this comprehensive range of investment capabilities, we collaborate with you to deliver our expertise, including unique solutions that are designed to match your requirements. We manage over $1.1 trillion in assets for institutional and individual investors. We are rapidly becoming the trusted asset manager of choice for investors globally. Our clients include some of the world s largest pension funds and institutions, governments and local authorities, treasuries and family offices. We are a leading provider of sub-advisory services and have strong partnerships with financial institutions throughout major global markets. Through our global distribution arm, BNY Mellon Asset Management International, we continue to deepen our position in developed markets such as Europe, Japan and Australia with focused expansion in more developing economies. We are a multi-cultural business that shares a common drive for quality in both the solutions that we offer and the service we provide. Whether you need a global hedge fund, active currency risk management, U.S. large cap equity strategy or an index provider, BNY Mellon Asset Management s independent investment firms can provide asset management services that are responsive to your needs. Working together, we can help you reach your goals. 2

4 $1.1 trillion in assets under management (Assets as of 9/30/11) 8th largest U.S. money manager (Institutional Investor, July 2011) 1 11th largest global asset manager (Pensions & Investments, October 2011) 1 3rd largest manager of U.S. defined benefit assets (Pensions & Investments, May 2011) 1 4th largest manager of U.S. endowment & foundation assets (Pensions & Investments, May 2011) 1 The rankings include assets managed by BNY Mellon Asset Management and BNY Mellon Wealth Management groups. Each ranking may not include the same mix of firms. 1 Rankings based on 2010 year-end data 3

5 Our Investment Managers Global sub-investment grade debt asset management Brazilian multi-strategy; long/short; equity and fixed income strategies Overlay strategies; swaps; futures Money market funds; full array of short duration strategies 1, 3 Greater China capital market specialists Active fundamental equity manager; core, growth & value styles; U.S., global and world ex-domestic market HAMON INVESTMENT GROUP 2 Fund of hedge funds; non-proprietary manager of managers Asian equities management 1 Leader in liability driven investment, fixed income, multi-asset, absolute return and specialist equity solutions Absolute return; global asset allocation; active/indexed equityand fixed income; active currency; portable alpha; diversified beta; commodities Active equity and bond, multi-asset, real-return and income solutions within a global thematic framework Currency risk management; alpha strategies 2 STANDISH Multi-strategy private equity investing; direct investment and fund-of-funds Fixed income and credit solutions U.S. & global real estate investment management Global equity investment management 1, 3 European fixed income and equities 1 Services not offered in the U.S. 2 Minority interest 3 Joint Venture 4

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7 Alcentra focuses our investment skills on the sub-investment grade debt capital markets in Europe and the U.S. Our objective is to deliver strong, risk-adjusted returns together with capital preservation. In pursuing this objective, our investment strategy and approach to credit selection is based on intensive fundamental research and credit analysis, combined with active portfolio management to minimize credit losses. AUM: $16.1 billion Locations: London and New York Established: 2002 Investment focus Global sub-investment grade debt asset management BNY Mellon holds over 90% of the parent holding company of The Alcentra Group. The Group refers to these affiliated companies: Alcentra, Ltd and Alcentra NY, LLC. Assets under management include assets managed by both companies. Only Alcentra NY, LLC offers services in the U.S. Alcentra Limited is authorized and registered in the U.K. by the Financial Services Authority. The registered address is 10 Gresham Street, London EC2V 7JD. BNY Mellon ARX offers access to the expanding investment opportunities in the rapidly growing Brazilian marketplace. Our philosophy is based on delivering strong risk-adjusted returns with an emphasis on capital preservation. The investment process combines fundamental bottom-up analysis with a detailed macro top-down overview and our investment professionals have an established track record of managing Brazilian investments. AUM: $5.8 billion Location: Rio de Janeiro Established: Formed in January 2008, as the result of the acquisition of ARX Capital Management by BNY Mellon. BNY Mellon Asset Management Brasil was established in 1997 and ARX Capital in Investment focus Brazilian multi-strategy; long/short, equity and fixed income strategies 6

8 BNY Mellon Beta Management incorporates a broad set of strategies designed to meet client needs ranging from lessening cash drag to gaining new exposure to alternative beta sources such as foreign currencies or commodities. These strategies use futures, forward agreements and/or swaps and can be tailored to meet specific client objectives. These strategies are managed within a rules-driven trading environment and can combine rules-based beta management with active management and broad asset allocations. OUM: $3.4 billion Location: San Francisco Established: 2008 overlay solutions Cash equitization Use derivatives to manage residual cash on a client portfolio Policy implementation Objective to keep total portfolio in line with target asset allocation Beta management Synthetically use swaps or futures to replicate performance of desired index BNY Mellon Beta Management s overlay under management (OUM) includes overlays managed under its own line of business as well as overlays managed by a related line of business: Mellon Transition Management (MTM). Both BNY Mellon Beta Management and MTM are part of The Bank of New York Mellon, a banking subsidiary of BNY Mellon. 7

9 At the beginning of 2009, BNY Mellon Asset Management combined its money market mutual fund and short duration fixed income investment management businesses with the launch of BNY Mellon Cash Investment Strategies (CIS), creating a top-tier manager and provider of institutional cash management products. CIS, organized as a division of The Dreyfus Corporation, delivers customized and comprehensive solutions to meet institutional investors cash management needs. Our consolidated credit research, investment management, and client service functions combine Dreyfus historic strengths and pioneering work in the management of money market funds with short duration, index, and stable value investment strategies, giving our clients access to a single provider with over 50 years of investment experience. AUM: $338.4 billion Locations: New York; Pittsburgh; San Francisco Established: 2009 investment focus Money market funds; full array of short duration strategies BNY Mellon Cash Investment Strategies is a division of The Dreyfus Corporation. AUM figure does not include $145.5 billion of securities lending cash collateral reinvestment assets managed by CIS personnel acting as dual officers of The Bank of New York Mellon. Dreyfus Mutual Funds are distributed by MBSC Securities Corporation, a registered broker-dealer and FINRA member, and a wholly owned subsidiary of BNY Mellon. Mutual fund investors should consider the investment objectives, risks, charges, and expenses of a fund carefully before investing. Contact your financial advisor to obtain a prospectus that contains this and other information about a fund, and read it carefully before investing. An investment in any money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. Yield fluctuates. Past performance is no guarantee of future results. NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE 8

10 One of BNY Mellon Asset Management s specialist investment boutiques jointly owned by BNY Mellon Asset Management International (49%) and Western Securities Co., Ltd (51%). Based in Shanghai, P.R. of China, BNY Mellon Western has strong local research capabilities, and an experienced investment team with local expertise and a global outlook. The company initially aims to manage Chinese securities in a range of local retail fund products and to focus on leveraging distribution within the banking and securities sectors. The company launched its first equity fund product in December AUM: $161.0 million Location: Shanghai, China (PRC) Established: July 2010 investment focus Mainland China s equity markets and also other instruments permitted by China Regulatory Commission BNY Mellon Western FMC does not offer services outside the People s Republic of China. This brochure does not constitute an offer to sell, or a solicitation of an offer to purchase, any of the firm s services or funds to any U.S. investor, or where otherwise unlawful. 9

11 Located in Boston, The Boston Company Asset Management is a performance-driven, global equity manager, whose philosophy is based on building portfolios that are rooted in bottom-up stock selection, fundamental research and risk controls appropriate for institutional investors. We are dedicated to fostering long-term solution-based relationships with our clients and earning their confidence through the consistent delivery of alpha across a broad range of equity offerings. AUM: $35.2 billion Location: Boston Established: 1970 investment focus Active fundamental equity manager; core, growth & value styles; U.S., global and world ex-domestic market Each strategy across the spectrum of value, growth, core, and alternative investments is implemented in a consistent and disciplined fashion, using the knowledge gained from more than 30 years of U.S. and non-u.s. equity investing. Our investment performance is based on our time-tested approach, coupled with the depth and breadth of experience of our investment teams. 10

12 EACM Advisors is a leading fund of funds manager who has been helping clients achieve their investment objectives for more than 20 years. We specialize in both hedge fund and long-only strategies. In the hedge fund area, we focus on multi-strategy fund of funds with consistent return objectives, as well as more specialized solutions, which may focus on a single strategy (e.g., event driven) or specific objectives (e.g., socially responsible). In the long-only area, we specialize in multi-manager funds focusing on entrepreneurial, fundamentally based managers. We believe that active management can produce meaningful alpha and that manager and style risk can be reduced through a multi-manager structure. EACM and its predecessors are among the pioneers in managerof-manager investing and have over 30 years experience in the evaluation and selection of investment managers. We have run alternative fund of fund portfolios for over 15 years and traditional multi-manager portfolios for over 20 years. Prior to that, our predecessor firm acted as investment consultants to a variety of institutional clients. AUM: $4.7 billion Location: Norwalk, CT Established: 1976 Investment focus Fund of hedge funds; non-proprietary manager of managers 11

13 Hamon Investment Group is based in Hong Kong and specializes in Asian equity mandates. Our experienced team of local fund managers shares the passion to discover companies with attractive long-term potential. We have a bottom-up fundamental approach to stock selection. Our management capabilities cover the public equity investment markets across Asia. We are a client driven organization committed to providing high quality service across a product range that encompasses UCITS funds and individual discretionary accounts. AUM: $2.5 billion Location: Hong Kong Established: 1989 Investment focus Asian equities management BNY Mellon holds a 19.9% interest in Hamon Investment Group Pte Limited, the parent company of Hamon Asian Advisors Limited, through whom Hamon offers services in the U.S. Insight Investment, based in London, provides tailored investment solutions in liability driven investment, fixed income, multi-asset, absolute return and specialist equities. Working in partnership with clients and their advisers, Insight Investment develops and delivers innovative yet practical investment solutions tailored to meet clients changing needs. A client s real investment objective is identified during a detailed discovery process that establishes a full understanding of the funding position, objectives and risk tolerances to develop and implement the most appropriate investment solution. This distinct approach ensures flexibility which continues throughout the lifetime of the relationship in order to reflect changes in a client s funding requirements, market conditions and risk/return appetite. A broad range of investment strategies, from fixed income to specialist equity, underpins Insight Investment s market leading solutions capability. Insight Investment s expertise, strength and depth of knowledge span the entire risk/return spectrum to offer clients complete flexibility; an essential tool in providing tailored client solutions. AUM: $236.0 billion Locations: London Established: 2002 Investment focus Leader in liability driven investment, fixed income, multi-asset, absolute return and specialist equity solutions Insight Investment does not offer services in the U.S. This brochure does not constitute an offer to sell, or a solicitation of an offer to purchase, any of the firm s services or funds to any U.S. investor, or where otherwise unlawful. Insight Investment Management Ltd. is authorized and regulated in the U.K. by the Financial Services Authority. The registered address for Insight is BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA, England. 12

14 Mellon Capital Management Corporation is one of the leading investment management innovators in the United States and offers a wide range of strategies, from traditional to alternative asset classes. Our firm has a long tradition of bringing innovation to investment management that spans over twenty-five years. Our investment process is centered on intellectual curiosity, disciplined application, and precision. Our investment approach is based on modeling how world markets work, regardless of current investment fads. It is grounded in long-term economic relationships and provides an integrated view of the distinct components that comprise the global financial market. Through our disciplined approach and deep commitment to clients, we have built a reputation for excellence in analytical, forward-looking portfolio management and research. We continue to generate new ideas through creative ways of thinking about investment management. Mellon Capital is intellectual capital applied. AUM: $195.1 billion Locations: San Francisco; Pittsburgh; Boston; Philadelphia; and Pune, India Established: 1983 investment focus Absolute return; global asset allocation; active/indexed equity and fixed income; active currency; portable alpha; diversified beta; commodities Mellon Capital AUM includes $8.4 billion in overlay strategies. 13

15 Based in London, the Newton group is an investment house that is known for its distinctive, global thematic investment approach, which is consistently applied across all strategies. Our approach aims to identify themes and trends that are influencing, or are likely to influence, economies and markets across the globe. It combines the perspective afforded by themes with the skills of active investment management, and recognizes that no single market operates independently from developments in others around the world. Our performance culture permeates all aspects of the investment process, creating a self-challenging environment that has enabled Newton to preserve and grow wealth for its clients. AUM: $67.6 billion Location: London Established: 1978 investment focus Active equity and bond, multi-asset, real-return and income solutions within a global thematic framework The Newton Group refers to the following group of affiliated companies: Newton Investment Management Limited, Newton Capital Management Limited, Newton Capital Management LLC, Newton International Investment Management Limited and Newton Fund Managers (C.I.) Limited. NCM LLC personnel are supervised persons of NCM Ltd and NCM LLC does not provide investment advice, all of which is conducted by NCM Ltd. Except for Newton Capital Management LLC and Newton Capital Management Limited, none of the other Newton Group companies offer services in the U.S. AUM for the Newton Group include assets managed by all of these companies (except Newton Capital Management LLC) and by the firm s officers as dual officers or employees of The Bank of New York Mellon. Newton Capital Management Limited is registered in the U.S. as an investment adviser under the Investment Advisers Act of Newton Capital Management Limited and Newton Investment Management Limited are authorized and regulated in the U.K by the Financial Services Authority. The registered address for Newton is BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA, England. 14

16 Pareto Investment Management is one of the largest and longestestablished currency managers in the world and specializes in overlay and alpha strategies for institutional clients. We have a client-focused, team culture distinguished by a balance of investment expertise and academic excellence. We believe that the best way to add value in currency management is by controlling risk of loss successfully. In a portfolio of foreign securities, risk of loss is defined as the risk of cash loss when translating the foreign currency exposures back into base currency. Foreign currency risk can be measured and can, therefore, be managed. Accordingly, we do not attempt to forecast future currency returns but instead focus on estimating and managing the currency risk embedded in international investment portfolios. We apply our stringent risk management techniques to alpha strategies. AUM: $42.8 billion Headquarters: London Affiliates/Representative offices: New York; Sydney; and Tokyo (branch office) Established: 1991 investment focus Currency risk management and absolute return strategies Pareto Investment Management Limited is registered in the U.S. as an investment adviser under the Investment Advisers Act of Authorized and regulated in the U.K.by the Financial Services Authority. The registered address for Pareto Investment Management Limited is BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA, England. Pareto Investment Management Limited AUM includes $42.4 billion in currency overlay strategies. 15

17 Headquartered in New York, Siguler Guff is a specialist manager, dedicated exclusively to multi-strategy private equity investing. We manage and co-manage several direct investment private equity funds and fund-of-funds, each targeted at carefully defined areas of market inefficiency. Siguler Guff has a deep knowledge and understanding of the private equity landscape and has over many years built relationships across the strategy universe globally. As a result, we are able to gain access to many managers that are closed to new capital or over-subscribed. Each of our funds seeks to be a leader in its respective market niche. Each strategy is staffed independently and takes advantage of Siguler Guff s long history as direct investors to add value well beyond the research and selection of managers. We believe that each fund represents a very efficient and diversified opportunity for investors to capture the high absolute returns available within these market opportunities. Our fund-of-funds have each received support from organizations that typically only consider investing in direct funds. They are attracted to Siguler Guff for a variety of reasons, one of which is transparency and the willingness to serve as an extension of their staff in researching each segment of the market where we have deep domain expertise. AUM: $10.1 billion Locations: New York; Boston; Chicago; San Francisco; Moscow; Shanghai; Sao Paulo; Mumbai (local affiliate) Established: 1991 investment focus Multi-strategy private equity investing; direct investment and fund-of-funds BNY Mellon holds a 20% interest in Siguler Guff & Company, LP and certain related entities (including Siguler Guff Advisers, LLC). 16

18 Standish is one of the largest fixed income firms dedicated to serving the needs of sophisticated institutional investors. Our investment process strives to capture relative value opportunities created by market inefficiencies. We use both proprietary research to identify new and changing sources of excess return and a mix of qualitative judgment and quantitative tools to formulate and implement our investment views. Our strategies reflect expertise in specific market sectors and also span the global fixed income markets. We can design innovative solutions to satisfy the most pressing needs of investors in today s difficult market environment. AUM: $86.4 billion Location: Boston Established: 1933 investment focus Fixed income and credit solutions URDANG is an investor in and manager of public, private, global and U.S. only real estate investment strategies. Focused exclusively on real estate, our investment approach includes top-down market/ country selection and bottom-up underwriting of properties, companies and management teams. Strategies for adding value include ground-up development, renovation and releasing/repositioning of privately held real estate assets. Within the publicly listed real estate marketplace, we incorporate fundamental analysis along with a proprietary relative value model seeking to consistently earn excess returns while minimizing risk. AUM: $4.0 billion Locations: Philadelphia; Los Angeles; and New York Affiliates: London; Singapore Established: 1987 investment focus U.S. & global real estate investment management As an investor and manager, our firm s success is firmly rooted in its commitment to aligning the company s interests with those of its clients and employees as well as its commitment to quality, original research

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20 Walter Scott is a global equity investment manager serving institutional investors around the world and is based in Edinburgh where we were established in Our core conviction is that the return to a shareholder can, over the long term, be no more than the wealth generated by the underlying business. Original research is at the heart of our investment process to identify companies capable of sustained high rates of wealth generation. This is our primary value-adding activity and is carried out by our own investment professionals. Walter Scott portfolios are the result of stock picking and a long-term buy and hold approach has led to low turnover. The industrial and geographic structures of portfolios reflect our independent judgment, rather than the composition of indices. AUM: $44.3 billion Location: Edinburgh Established: 1983 investment focus Global equity investment management Walter Scott & Partners Limited is registered in the U.S. as an investment adviser under the Investment Advisers Act of Authorized and regulated in the U.K. by the Financial Services Authority. The registered address for Walter Scott & Partners Limited is One Charlotte Square, Edinburgh, EH2 4DR, Scotland. Portfolios are managed bringing to bear the skill, judgment and experience of Walter Scott s entire investment team. Investment professionals are trained from scratch by the senior staff. Very low staff turnover and the lengthy investment experience of the senior staff fosters consistency of philosophy, process and culture. 19

21 Headquartered in Düsseldorf, WestLB Mellon Asset Management offers clients both core and specialist products. We have a distinct investment philosophy and process that combines fundamental bottom-up security selection with disciplined quantitative analysis. WestLB Mellon manages European fixed income and equities. AUM: $31.0 billion Locations: Düsseldorf and Luxembourg Established: 1998 investment focus European fixed income and equities AUM is for WestLB Mellon Asset Management Holdings Ltd., a joint 50/50 venture between The Bank of New York Mellon Corporation and WestLB AG. WestLB Mellon Asset Management does not offer services in the U.S. This brochure does not constitute an offer to sell, or a solicitation of an offer to purchase, any of the firm s services or funds to any U.S. investor, or where otherwise unlawful. West LB Mellon Asset Management (UK) Ltd. is authorized and regulated in the U.K. by the Financial Services Authority. The registered address for WestLB Mellon Asset Management (UK) Ltd. is Woolgate Exchange, 25 Basinghall Street, London, EC2V5HA, England. 20

22 Distribution and Investment Services BNY Mellon Pension Services BNY Mellon Pension Services provides a comprehensive, integrated solution for defined benefit plans. We leverage the leading capabilities of BNY Mellon in the areas of investment management, trust and custody, and advisory services to create a seamless approach to defined benefit plan management. We work closely with each of our clients to develop an investment solution that meets very specific objectives, including: funded status, balance sheet and income statement management, and risk management. Our solutions are delivered by teams of investment, trust/custody and actuarial professionals, and supported by robust and comprehensive proprietary reporting designed to track progress against client objectives. Location: Pittsburgh and Boston focus Bundled solutions for defined benefit plans BNY Mellon Pension Services is a division of The Bank of New York Mellon, a banking subsidiary of BNY Mellon. Mellon Transition Management assists clients in managing risks, minimizing costs and protecting returns during transitions. By combining deep expertise in transition trading and derivatives with an extensive global network, we offer customized solutions and flexible strategies that help our clients better respond to changing market environments. Using state-of-the-art trading and analytic systems, our dedicated portfolio management team oversees the transition process from pre-trade planning to post-trade analysis. Location: San Francisco Established: 2001 focus Provides valuable oversight throughout the transition process Mellon Transition Management is a division of The Bank of New York Mellon, a banking subsidiary of BNY Mellon. 21

23 Few competitors can match the breadth and depth of The Dreyfus Corporation, one of the nation s premier mutual fund companies. Headquartered in New York City, Dreyfus is among the pioneers of money market investing and remains one of the most recognizable names in the mutual fund business. We provide unique access to BNY Mellon Asset Management s exclusive and diverse global network of world-class asset managers, delivering powerful investment insight and strategies, backed by the strength of our commitment to quality, performance and client relationships. Location: New York Established: 1951 focus Retail and institutional mutual funds Dreyfus Mutual Funds are distributed by MBSC Securities Corporation, a registered broker-dealer and FINRA member, and a wholly-owned subsidiary of BNY Mellon. Mutual fund investors should consider the investment objectives, risks, charges, and expenses of a fund carefully before investing. Contact your financial advisor to obtain a prospectus that contains this and other information about a fund, and read it carefully before investing. An investment in any money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. Yield fluctuates. Past performance is no guarantee of future results. NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE 22

24 BNY Mellon Asset Management International Headquartered in London and established in 2000, BNY Mellon Asset Management International AMI for short is the global (ex U.S.) distribution arm of BNY Mellon s asset management businesses. AMI can assist investors in identifying the appropriate solution for their needs or we can tailor a customized product grouping by bundling multiple capabilities. All our strategies are available on a separate account basis and a growing number are available through a pooled fund. Our primary fund ranges utilize the wider investment powers permitted under the UCITS III directive and we are thus able to offer traditional global and regional equities and bonds, money market funds, as well as those that encompass hedge fund style investments with daily pricing and liquidity in these ranges. BNY Mellon Asset Management is represented internationally with offices based in most major financial centers throughout the globe. We pride ourselves on understanding local cultural needs and our multilingual sales, marketing and client service teams provide the level of expertise and exceptional customer service commensurate with one of the largest and most respected global financial services companies. Locations: Amsterdam; Beijing; Dubai; Hong Kong; London; Madrid; Milan; Paris; Rio de Janeiro; Santiago; Seoul; Singapore; Sydney; Tokyo; and Zurich Established: 2000 BNY Mellon Asset Management International does not offer services in the U.S. This brochure does not constitute an offer to sell, or a solicitation of an offer to purchase, any of the firm s services or funds to any U.S. investor, or where otherwise unlawful. BNY Mellon Asset Management International Limited is authorized and registered in the U.K. by the Financial Services Authority. The registered office is at BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. 23

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26 Growing Global Presence Toronto Pittsburgh Boston San Francisco Los Angeles Norwalk, CT New York Philadelphia Santiago Rio de Janeiro BNYM AM Offices WestLB Mellon offices & associated companies BNY Mellon Asset Management BNY Mellon Asset Management The Alcentra Group The Alcentra Group Ankura Capital Pty Ltd Blackfriars Asset Management Limited BNY Mellon ARX BNY Mellon ARX BNY Mellon Beta Management BNY Mellon Cash Investment Strategies BNY Mellon Beta Management BNY Mellon BNY Cash Mellon Investment Western Strategies Fund Management Company Limited The Boston The Company Boston Asset Company Management, Asset Management, LLC LLC The Dreyfus Corporation The Dreyfus Corporation EACM Advisors LLC EACM Advisors LLC Hamon Investment Group 25 Insight Investment Management Ltd

27 London Edinburgh Amsterdam Zurich Milan Beijing Seoul Paris Madrid Tokyo Shanghai Hong Kong Dubai Pune Singapore Sydney Hamon Investment Group Insight Mellon Investment Capital Management Corporation Ltd Mellon Transition Management Mellon The Newton Transition Group Management The Newton Group Pareto Investment Management Limited Pareto Investment Management Limited Standish Mellon Asset Management Company LLC Standish Mellon Asset Management Company LLC Siguler Guff & Company, LP Siguler Guff & Company, LP Urdang Capital Management Inc. / Urdang Urdang Capital Securities Management Management Inc. / Inc. Urdang Securities Management Inc. Walter Scott & Partners Limited Walter Scott & Partners Limited WestLB Mellon Asset Management LLC WestLB Mellon Asset Management LLC 26 26

28 Institutional Investment Strategies Equity s Active t Index/Enhanced n Fund of Funds Asia Pacific/ Japan /Australia Emerging/Frontier Markets European (inc. & ex U.K.) Global/Non-U.S. Small/Mid Cap Socially Responsible Styles: Core, Growth & Value U.K. U.S. The Alcentra Group BNY Mellon ARX s s BNY Mellon Beta Management BNY Mellon Cash Investment Strategies BNY Mellon Western Fund Management Company Ltd 1, 3 s s The Boston Company Asset Management, LLC s s s s s s EACM Advisors LLC n n n n Hamon Asian Advisors 2 s s Insight Investment Management Ltd 1 s Mellon Capital Management Corporation t t t st st st st t st The Newton Group s s s s s s Pareto Investment Management Limited Siguler Guff & Company, LP 2 Standish Mellon Asset Mgmt. Company LLC Urdang Capital Mgmt/Urdang Securities Mgmt Walter Scott & Partners, Limited s s s WestLB Mellon Asset Management 1, 3 s s s 1 Does not offer services in the U.S. 2 Minority Interest 3 Joint Venture 27

29 Fixed Income Other Cash (U.S., Euro, Sterling, other) Emerging Markets European Global/Non-U.S. High Yield (U.S., European, Global) Structured Notes/ABS U.K. U.S. Core/Core Plus U.S. Long Duration U.S. Municipals/TIPS U.S. Short Duration/ Intermediate U.S. Stable Value Commodities/Agriculture Currency Hedge Funds Liability Driven Investing Market Neutral/Long Short/ Absolute Return Multi-Asset Class/Balanced Overlay/Swaps/Futures Portable Alpha Private Equity Real Estate/Real Estate Securities Tactical Asset Allocation Target Maturity Tax Sensitive s s s s s s s s s s s t t t t t s t s s s s s n n s s s st s s s s s s s st s s s s s st s st st t st st s st st s st s s t s t st s s s s s s s s s s s n s n s s s s s s s s s s s s s s s s s s Please note: not all strategies may be available to all investors in all markets. 28

30 About BNY Mellon BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $25.9 trillion in assets under custody and administration, and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at bnymellon.com. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon Asset Management is one of the world s leading asset management organizations, encompassing BNY Mellon s affiliated investment management firms and global distribution companies. Unless otherwise noted, all references to assets and overlay under management (which are approximate) are as of 9/30/11. AUM for The Boston Company Asset Management, EACM Advisors, Mellon Capital Management Corporation and Standish Mellon Asset Management Company includes assets managed by those individual firms officers as associated persons, dual officers or employees of The Dreyfus Corporation. In addition, AUM/OUM for the following firms may include assets managed by them as non-discretionary investment manager for, or by the individual firms officers as dual officers or employees of, The Bank of New York Mellon: BNY Mellon Cash Investment Strategies, The Boston Company Asset Management, The Dreyfus Corporation, Mellon Capital Management Corporation, Newton Capital Management Limited, Standish Mellon Asset Management Company LLC, and Urdang Securities Management, Inc. Interests in any investment vehicles may be offered and sold in Canada through BNY Mellon Asset Management Canada, Ltd., a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager. Products or services described herein are provided by The Bank of New York Mellon Corporation, its subsidiaries, affiliates or related companies, and may be provided in various countries by one or more of these companies where authorized and regulated as required within each jurisdiction. However, this material is not intended, nor should be construed, as an offer or solicitation of services or products or an endorsement thereof in any jurisdiction or in any circumstance that is otherwise unlawful or unauthorized. The investment products and services mentioned here are not insured by the FDIC (or any other state or federal agency), are not deposits of or guaranteed by any bank, and may lose value. This material is not intended as an offer to sell or a solicitation of an offer to buy any security and it is not provided as a sales or advertising communication and does not constitute investment advice. MBSC Securities Corporation, a registered broker-dealer, FINRA member and wholly-owned subsidiary of The Bank of New York Mellon Corporation, has entered into agreements to offer securities in the U.S. on behalf of certain BNY Mellon Asset Management firms. Investments in hedge and private equity funds and fund of hedge and private equity funds (collectively, Funds ) are speculative and include the following special risks. Investments in Funds may be suitable only for certain investors. There can be no assurance that a Fund s investment objectives will be realized or that suitable investments may be identified. An investor could lose all or a substantial portion of his or her investment. Funds are generally not subject to the same regulatory oversight and/or regulatory requirements as a mutual fund. Successfully overcoming barriers to entry, e.g. legal and regulatory enterprise, does not guarantee successful investment performance. Investments may involve complex tax structures resulting in delays in distributing important tax information. Underlying managers or their administrators may fair value securities and other instruments for which there is no readily available market or third party pricing, or for which the manager believes the third party pricing does not accurately reflect the value of those securities, based on proprietary or other models. Funds may not be required to provide periodic pricing or valuation information to investors. Performance may be volatile. Underlying managers may employ leverage and other speculative investment practices that may increase the risk of investment loss. Adherence to risk control mechanisms does not guarantee investment returns. High fees and expenses at both levels in a fund of funds may offset an investor s profits. The investment adviser may have total discretion over underlying manager and strategy selection and allocation decisions. A lack of manager and/or strategy diversification may result in higher risk. There may be restrictions on transferring interests in a fund of funds vehicle. There is generally no secondary market for an investor s interest in a Fund. This is not an inclusive list of all risk factors. Parties should independently investigate any investment strategy or manager, and consult with qualified investment, legal, and tax professionals before making any investment. 29

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32 BNY Mellon Asset Management BNY Mellon Center 201 Washington Street Boston, MA Phone: The Bank of New York Mellon Corporation. All rights reserved. For use in the U.S. and Canada only. Rev. 11/2011