Global asset manager BNY Mellon Investment Management is selling the assets of the boutique firm CenterSquare Investment Management to its management team and the private equity firm Lovell Minnick Partners, BNY Mellon announced Wednesday.
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 sale, terms of which were not released, is part of BNY Mellon Investment Management’s efforts to streamline its portfolio. BNY Mellon Investment Management will continue to offer real asset investment solutions through other investment boutiques, Mitchell Harris, CEO of BNY Mellon Investment Management, said.
CenterSquare will continue the partnership with BNY Mellon Investment Management through other sub-advisory relationships.