BoNYM's Dreyfus partners The Wisdom Tree in US ETF venture
BNY Mellon Asset Management has announced that The Dreyfus Corporation is to partner with WisdomTree Investments, Inc on international cash and fixed income ETF products
The products will be part of the WisdomTree Trust and will be co-branded and marketed by both organizations. Dreyfus will act as subadvisor to the Trust.
"BNY Mellon Asset Management comprises asset management companies with individual, proprietary investment expertise, and this unique combination of talent fosters the development of innovative investment products," said Ronald P. O'Hanley, president and chief executive officer of BNY Mellon Asset Management.
"The creation of new ETFs complements what BNY Mellon Asset Management does already." BNY Quantitative Equity Management Group already subadvises for WisdomTree , among others. "BNY Mellon Asset Management's ability to distribute new ETFs in the marketplace extends our capabilities to new products that are becoming increasingly important in the retail and intermediary business," O'Hanley continued.
The ETF business is seen as an increasingly vibrant segment of asset management, according to Phil Maisano, chief investment strategist of BNY Mellon Asset Management and chief investment officer of Dreyfus. "The strategic venture between Dreyfus and WisdomTree creates a formidable player as both companies bring their respective expertise to the venture."
Jonathan Steinberg, WisdomTree chief executive officer said there is significant opportunity for ETFs to provide exposure to cash products around the world.