Global Macro Views

Webex Series: Quarterly Economic Outlook October 2021

Global Macro Views Video
October 2021

In the latest quarterly update, Chief Economist & Macro Strategist Vincent Reinhart reviews pandemic economics, the uneven race to herd immunity, supply shocks and reluctant shifts to monetary policy.

Mellon Investments Corporation (MIC) is a registered investment advisor and subsidiary of The Bank of New York Mellon Corporation (BNY Mellon). The Firm assets also include assets managed by MIC personnel acting as dual officers of affiliated companies. AUM, client and employee counts are as of the most recent quarter end, unless noted otherwise. Where applicable, assets include discretionary and non-discretionary assets, and assets managed by investment personnel acting in their capacity as officers of affiliated entities. ESG assets include assets managed in custom ESG strategies and assets managed in accordance with client directed SRI guidelines. BNY Mellon Investment Management is one of the world’s leading investment management organizations, encompassing BNY Mellon’s affiliated investment management firms and global distribution companies. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally.

MIC’s investment capabilities in fixed income, equities and multi-asset, and liquidity were realigned with Insight Investment (Insight), Newton Investment Management North America, LLC (NIMNA) and Dreyfus Cash Investment Strategies (Dreyfus) effective September 1, 2021. As part of this realignment, MIC’s fixed income capabilities transitioned to Insight, MIC’s equity and multi-asset capabilities transitioned to NIMNA, and MIC continues to operate its cash and liquidity business under the brand of Dreyfus. MIC will continue to deliver institutional equity and fixed income index management as Mellon. Dreyfus and Mellon are divisions of MIC. There was no change to the firms’ investment processes or philosophies during the transition period as a result of the change.

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The following provides a simplified example of the cumulative effect of management fees on investment performance: An annual management fee of 0.80% applied over a five-year period to a $100 million portfolio with an annualized gross return of 10% would reduce the value of the portfolio from $161,051,000 to $154,783,041. The actual investment advisory fees incurred by clients may vary depending on account size, structure, cash flow and other account-specific factors. Mellon’s standard fees are shown in Part 2A of its Form ADV.

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