, Sept. 30, 2013 /PRNewswire/ -- The Dreyfus Corporation (Dreyfus), a BNY Mellon company, announced today that it has introduced the Dreyfus Floating Rate Income Fund, Class A ticker symbol "DFLAX," an actively managed mutual fund. The fund is designed to seek high current income by investing in floating rate loans and other floating rate securities. The fund is sub-advised by Alcentra NY, LLC**, a BNY Mellon global investment firm specializing in sub-investment grade credit. Dreyfus is the fund's investment advisor.
"Floating rate loans could be attractive to investors seeking an asset class with lower interest rate sensitivity, seniority in a company's capital structure and diversification potential as floating rate loans generally exhibit low correlation to other asset classes," said Dreyfus President
. "The loan market has traditionally catered to large, institutional investors. The new fund provides access to a broad range of investments not generally available to individual investors. We're pleased to provide U.S. investors access to the investment expertise of Alcentra, one of the top global loan managers."
are the fund's primary portfolio managers. Lemberg is the fund's portfolio manager principally responsible for floating rate loans and other floating rate securities. He is a managing director, senior portfolio manager and head of Alcentra's U.S. loan platform. Lemberg has been employed by Alcentra since 2008. Barris is also the fund's portfolio manager principally responsible for high yield, fixed-rate securities. He is a managing director, senior portfolio manager and head of global high yield at Alcentra. Barris has also been a senior portfolio manager for the Dreyfus High Yield Fund since 2007.
Alcentra employs a value-oriented, bottom up research process that incorporates a macroeconomic overlay to analyze investment opportunities. This includes evaluating default trends, performance drivers and capital market liquidity. Alcentra's fundamental credit analysis identifies favorable and unfavorable risk/reward opportunities across sectors, industries and structures while seeking to mitigate credit risk.