BNY Mellon Said to Plan Sale of $17 Billion Alcentra Unit

Bank of New York Mellon Corp. is seeking buyers for its Alcentra unit, which manages $17 billion of loans and high-yield bonds, according to four people with direct knowledge of the plan.

The world’s biggest custody bank hired Credit Suisse Group AG to run the sale of the group that manages the majority of its assets in collateralized loan obligations in both the U.S. and Europe, said the people, who declined to be identified because the talks are private.