BNY Mellon has streamlined its funds range by realigning its equity and bond units.

The £291.6 million Newton Overseas Equity fund was merged into the £1.66 billion Newton Global Equity fund and the £45.9 million BNY Mellon Global Strategic Bond fund into the £11.6 million Insight Strategic Bond fund.

According to Fundweb, Adam Mossakowski, the current manager of the Insight Strategic bond, will continue to manage the merged fund, while Jeff Munroe will manage the Newton Global Equity fund.

In addition, Terry Coles, who managed the Overseas Equity fiund, will continue in a management role within the new set-up.

Fundweb quoted a statement given by BNY to shareholders, saying: "By merging fund we believe investors will benefit from the potential economies of scale applicable to being invested in a larger overall fund."

Both mergers are subject to FCA and shareholder approval.