Bank of New York will acquire Estabrook Capital Management in a deal...

Bank of New York will acquire Estabrook Capital Management in a deal expected to close in September. Estabrook will continue to operate independently, said Newton P.S. Merrill, senior executive vice president at Bank of New York. Terms of the acquisition were not announced and Mr. Merrill said he was unable to elaborate. The acquisition of Estabrook is part of the bank’s planned series of acquisitions to broaden investment capabilities, he said. BONY consolidated its investment management activities into a separate division — BONY Asset Management — in May. The investment management division runs about $50 billion, about half of which is institutional. Estabrook manages about $2.3 billion, mainly in value equity strategies, for 400 institutional clients.