BNY Mellon Investment Management agreed to sell real assets investment boutique CenterSquare Investment Management to its management team and private equity firm Lovell Minnick Partners, confirmed BNY Mellon spokesman Stan Neve.
Terms of the transaction were not disclosed. Lovell Minnick Partners will acquire a majority stake in the firm while CenterSquare's management team will buy the remaining minority stake.
CenterSquare Investment Management has about $9 billion in assets under management in U.S. and global real estate and infrastructure investments.
BNY Mellon Investment Management CEO Mitchell Harris said in a news release announcing the deal that "this transaction meets our strategy of streamlining our portfolio to provide a focused set of specialist investment solutions for clients via our global distribution network."
Mr. Harris added: "We will continue to offer real asset investment solutions through our other investment boutiques," including Amherst Capital, ARX Investimentos, Boston Co. Asset Management, Insight Investment, Mellon Capital Management and Standish Mellon Asset Management.
Jason Barg, Lovell Minnick principal, added in the release that the private equity firm sees "an opportunity to enhance distribution and development of CenterSquare's … real assets platform."
The transaction is subject to standard regulatory and other required approvals and is expected to be completed by the end of this year.
