Investments  

BNY to rename US equity product

BNY Mellon Asset Management is to rename its £62.7m BNY Mellon American fund and broaden its remit to promote the profile of the product’s investment manager.

The fund will be renamed as The Boston Company US Opportunities fund from February 13, marking the first time the US boutique has its own brand on a UK retail product.

The remit of the fund is also set to change from a large cap to a multi-cap portfolio, giving fund manager Elizabeth Slover flexibility to invest in small and medium-sized US companies. The portfolio will also hold fewer companies and its benchmark will change from the Russell 1000 Growth index to the S&P 500 index.

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Matt Oomen, head of EMEA intermediary distribution, said the introduction of The Boston Company’s brand was consistent with BNY Mellon’s promotion of its “boutique” subsidiaries, which include UK stalwarts Newton and Insight.

He added: “Where we use other boutique brands [instead of the BNY brand] it is in areas where advisers are happy with a specialist in that asset class.”

The BNY Mellon American fund has gained 101.2 per cent in five years to February 3, according to FE Analytics, outperforming the IMA North America sector average but underperforming its Russell 1000 Growth index benchmark.