BNY Mellon Investment Management is to sell the business of real assets investment boutique CenterSquare Investment Management to its management team and the private equity firm Lovell Minnick Partners.
Founded in 1987 and headquartered near Philadelphia, CenterSquare Investment Management has approximately USD9 billion in assets under management in US and global real estate and infrastructure investments. Founded in 1999, Lovell Minnick Partners has a long and successful track record of investing across the investment management, distribution, and advisory value chain.
“CenterSquare is a highly respected real asset investment manager and teaming up with Lovell Minnick will ensure that CenterSquare continues to thrive. 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,” says Mitchell Harris (pictured), 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.”
“We believe this transaction will position us to continue to optimise client solutions and pursue sustainable growth initiatives in a rapidly evolving investment landscape. 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,” says Todd Briddell, CEO of CenterSquare. “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.”
“CenterSquare’s market-leading position is a testament to the management team’s deep experience developing attractive and durable real asset investment solutions that provide strong investment returns for clients,” says James Minnick, Co-Chairman of Lovell Minnick Partners.
“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,” adds Jason Barg, Principal at Lovell Minnick.
Terms of the transaction were not disclosed. The transaction is subject to standard regulatory and other required approvals and is expected to be completed by year end 2017.
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