BNY Mellon Investment Partners To Sell CentreSquare Unit To Lovell Minnick

Sep 20 2017 | 7:39pm ET

BNY Mellon Investment Management has entered into a definitive agreement to sell its real assets investment unit CenterSquare Investment Management to a consortium of its management team and private equity company Lovell Minnick Partners.

Lovell Minnick Partners will acquire a majority stake in the firm while CenterSquare's management team will buy the remainder, the company said on Wednesday. Terms of the transaction, which is expected to close by the end of the year and is subject to standard regulatory approvals, were not disclosed.

Founded in 1987 and headquartered near Philadelphia, CenterSquare Investment Management has approximately $9 billion in assets under management in U.S. and global real estate and infrastructure investments, the statement added. It manages investments for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors.

The deal is part of BNY Investment Management’s strategy of streamlining its portfolio to focus on a set of specialist investment solutions. The company will continue to offer real asset investment solutions through its other investment boutiques. 

BNY Mellon Investment Management is one of the world's largest multi-boutique investment managers, encompassing BNY Mellon's 13 diversified investment boutiques, wealth management business and mutual fund company Dreyfus. The company managed more than $1.8 trillion globally as of June 30, 2017.

Also based near Philadelphia, Lovell Minnick provides equity capital in support of private company recapitalizations, leveraged buyouts, and growth initiatives. Since its inception in 1999, Lovell Minnick Partners has raised $1.7 billion in committed capital and has completed investments in over 30 companies. The company focuses on opportunities in asset management, financial product distribution, insurance, banks, specialty finance, and related technology and business services. 

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