The BNY Mellon Asset Management unit of Bank of New York Mellon Corp. has combined its money market mutual fund and short-duration fixed-income businesses into a new unit called BNY Mellon Cash Investment Strategies.

J. Charles Cardona is the chief executive officer of BNY Mellon Cash Investment Strategies, which has more than $400 billion of assets under management, with approximately $300 billion in money market and municipal money market products and $100 billion in short-duration cash products.

BNY Mellon said Wednesday that it wants the unit, which officially launched on Jan. 1, to be "a top-tier provider of institutional cash products globally." It offers money market funds, offshore liquidity funds, institutional separately managed accounts, and stable value products.

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