Bank of New York agreed to acquire Urdang Capital Management, which manages $3 billion in REIT securities. Terms were not disclosed. The deal, which should be completed by the end of March, is a "natural extension" of BNY Asset Management's alternative investment platform, said Steve Pisarkiewicz, executive vice president of the Bank of New York and head of BNY Asset Management. "We wanted to be able to offer real estate investments as an option to our institutional and private clients," he said. "The power of real estate has been demonstrated over the last several years, and this acquisition gives us the in-house capabilities to meet the needs of investors."
Urdang's offices will remain in Plymouth Meeting, Pa., and its 40 employees will remain with the firm, Mr. Pisarkiewicz said.
Richard Ferst, president and COO of Urdang, was not immediately available for comment.
