BNY Mellon Investment Management will wind down one of its funds management subsidiaries. : BNY Mellon Investment Management has announced its intention to close EACM Advisors, its multi-manager and fund of hedge funds investment manager based in Norwalk, Connecticut. EACM Advisors will no longer operate as a standalone business, with its $2.48 billion (US$1.8bn) worth of long-only investments to be managed within BNY Mellon Investment Management. A further $2.89 billion (US$2.1bn) in fund of hedge fund strategies will be closed to new investors and existing capital returned to investors. Liquidation is expected to occur on or about 30 November 2018.