Launches & Closures

BNY Mellon credit group Alcentra plans closed-ended vehicle


Alcentra, the sub-investment grade credit specialist that is a subsidiary of BNY Mellon Asset Management, is planning to launch a new Guernsey closed-ended fund structure next year.

The Alcentra European Floating Rate Income Fund Limited will roll out in early 2012 and will be listed on the main market of the London Stock Exchange. It will invest primarily in senior secured loans and floating rate senior secured bonds issued by European corporates, and will aim to produce a quarterly dividend of 5.5% in the first year of full investment.

Alcentra expects to source a significant proportion of the