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September 21, 2017

BNY Mellon Investment Management to offload real assets investment unit

By Krishna Chaitanya

BNY Mellon Investment Management has agreed to sell CenterSquare Investment Management, its real assets investment arm, to its management team and Lovell Minnick Partners for an undisclosed sum.

Pennsylvania-based CenterSquare was established in 1987 and manages investments for institutional investors and high net worth individuals. The firm currently oversees nearly $9bn in assets in US and global real estate and infrastructure investments.

BNY Mellon Investment Management CEO Mitchell Harris said: “For BNY Mellon Investment Management, 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. We will continue to offer real asset investment solutions through our other investment boutiques.”

The deal is expected to be wrapped up by the final quarter of 2017, subject to regulatory nod.

Lovell Minnick principal Jason Barg said: “We see an opportunity to enhance distribution and development of CenterSquare’s premier real assets platform, and to leverage our track record in building investment management businesses to help the team drive further growth and client success.”

BNY Mellon Investment Management includes BNY Mellon’s investment management firms, wealth management services and global distribution companies. The business currently manages $1.8 trillion in assets.

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