BNY Mellon Launches Dreyfus Global Real Return Fund

The Dreyfus Corporation, a subsidiary of BNY Mellon Asset Management, has announced the launch of Dreyfus Global Real Return Fund, Inc.

The fund is a world allocation fund with an emphasis on global absolute return managed by Newton Capital Management Limited, a BNY Mellon Asset Management boutique, which specializes in global and regional equities and bonds, as well as multi-asset and absolute return funds.   

According to an announcement, the Dreyfus Global Real Return Fund seeks total return, consisting of capital appreciation and income.  It uses an actively managed multi-asset strategy to produce absolute or real returns with less volatility than major equity markets over a complete market cycle, typically a period of five years. The fund is not managed to a benchmark index; it seeks to provide returns that are largely independent of market moves.   

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The fund allocates its investments among global equities, bonds and cash, and, generally to a lesser extent, other asset classes, including real estate, commodities, currencies, and alternative or non-traditional asset classes and strategies by investing in securities and through derivative instruments.

James Harries, the fund’s primary portfolio manager, is director of Investment, Global Funds, at Newton.   

Georgia Retirees Get Relief from Tax on Retirement Income

Georgia Governor Sonny Perdue has signed a bill that eliminates taxes on retirement income for senior citizens.

The tax cut would benefit more than 300,000 Georgians and make Georgia a more attractive location for retirees, according to a news release from the Governor’s office.

House Bill 1055 also eliminates the state portion of homeowner’s property taxes, adjusts fees to help cover the actual costs of the services for which they are levied, and includes a 1.45% hospital provider payment that will allow the state to draw down additional federal dollars and increase Medicaid reimbursements to hospitals and other providers.   

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“Signing this bill ensures a balanced budget and lays the groundwork for economic recovery,” said Perdue, in the news release. “We are creating an environment that encourages seniors to spend their retirement years and dollars in Georgia. We are also finally getting the state completely out of the property tax business and at the same time providing property tax relief for nearly all Georgians.” 

The two tax cuts will provide almost $400 million in tax relief when fully implemented. They will be phased in over five years beginning in 2012. 

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