With its new, aggressive municipal bond investing strategy for wealthy investors, BNY Mellon Wealth Management has created a notable exception to its usual conservative approach.

Its Multidimensional Alpha Strategy, a muni bond portfolio introduced in October, was inspired by conditions in the fixed-income market caused by the financial crisis, said John Flahive, the director of BNY Mellon Wealth Management's fixed-income group. BNY Mellon Wealth Management is an asset management arm of Bank of New York Mellon Corp.

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