Investment services provider BNY Mellon is planning to merge retail and institutional versions BNY Mellon Global Strategic Bond and Newton Global Strategic Bond funds into the Insight Strategic Bond fund.
The institutional version of the BNY fund will be merged into Insight’s institutional equivalent, reported ftadviser.com.
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The fund merger, which is expected to happen on 15 February, will have no cost implication on clients.
A BNY Mellon spokesman was quoted by ftadviser.com as saying that the funds had similar aims and investment strategies.
"While the decision is subject to shareholder and regulatory approvals, the decision has been made in order to simplify and consolidate our range of fixed income strategies," the company said.
"Both funds share a similar investment objective to provide a total return by investing in a wide range of bonds and similar debt investments issued by companies, governments and other public entities throughout the world."
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