NEW YORK CITY—BNY Mellon Investment Management, which has owned CenterSquare Investment Management since 2006, is selling the real assets investment boutique to its management team and private equity firm Lovell Minnick Partners. Deal terms were not disclosed.
“We believe this transaction will position us to continue to optimize client solutions and pursue sustainable growth initiatives in a rapidly evolving investment landscape,” says CenterSquare CEO Todd Briddell. “Our firm has enjoyed significant growth over the last 11 years with BNY Mellon and we will continue our partnership via a number of sub-advisory relationships. We look forward to partnering with Lovell Minnick, and tapping their resources and deep experience in investment management as we grow our business and further enhance the solutions that we offer to our clients.”
Founded in 1987 and headquartered near Philadelphia, CenterSquare manages approximately $8 billion of real estate and infrastructure securities through CenterSquare Investment Management Inc. and approximately $1.3 billion (gross) of private equity real estate investments through CenterSquare Investment Management Holdings Inc. as of June 30. It manages investments for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors.
For BNY Mellon, the CenterSquare sale “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,” says Mitchell Harris, CEO of BNY Mellon Investment Management. “We wish Todd Briddell and the entire CenterSquare team well and thank them for their contributions as part of BNY Mellon.”
Principal Jason Barg at Lovell Minnick says his firm sees “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.” The deal is subject to regulatory approval and is expected to be finalized by the end of this year.
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