Dreyfus Absorbs BNY Hamilton Money Funds
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Wednesday, October 15, 2008

Dreyfus Absorbs BNY Hamilton Money Funds

BNY Hamilton rolled several BNY Hamilton money funds into corresponding Dreyfus money-funds. The move to streamline the money fund offerings comes more than a year after Mellon and BNY closed their merger.

The company filed an amendment with the SEC on September 16 in which it detailed the exchange of shares of The BNY Hamilton Funds for corresponding shares of the Dreyfus Institutional Reserves Funds.

The move was made five days before all hell broke loose in the money-fund market following The Reserve's announcement that its Primary Fund had broken the buck (see MFWire September 17, 2008).

The Hamilton Funds are legacy BNY funds and the Dreyfus funds are legacy Mellon products. Both employ their own teams of investment professionals.

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