BNY Mellon Investment Management to close EACM Advisors
BNY Mellon Investment Management announced its intention to wind down EACM Advisors, its multi-manager and fund of hedge funds investment manager, as a standalone business. EACM managed $3.9B in a combination of long-only and fund of hedge funds strategies. EACM's fund of hedge funds strategies will be closed to new investors and existing capital returned to investors in an orderly manner as investments are able to be redeemed. As part of this change, management recommended and the Dreyfus Fund Board approved the liquidation of Dreyfus Select Managers Long/Short mutual fund, for which EACM is the portfolio allocation manager. It is currently expected that the liquidation of the Fund would occur on or about November 30, 2018.