The Bank of New York Company, Inc. has signed a deal to acquire Urdang Capital Management, Inc., a Pennsylvania-based investment manager that focuses on private and public real estate investments on behalf of large corporate and public pension funds and other institutional investors.
Urdang manages more than $3 billion in private equity investments and portfolios of REIT securities.
“Urdang’s strong investment performance, variety of real estate investment vehicles and investment process significantly bolster our alternative investments platform, which will increase our ability to attract and retain asset management clients,” said Steven Pisarkiewicz, head of BNY Asset Management and executive vice president of The Bank of New York.
The transaction is expected to close by the end of the first quarter, pending regulatory approval and other customary conditions of closing. The purchase price and terms were not disclosed.
“Urdang’s significant real estate expertise, coupled with The Bank of New York’s substantial asset management and distribution strengths, makes this a perfect fit for both parties,” said E. Scott Urdang, chief executive officer of Urdang Capital Management. “Our entire investment management team will remain in place and continue to pursue the investment processes and strategies that have delivered consistently strong returns for our clients through all market cycles.”
About Urdang Capital Management.
Urdang Capital Management, Inc. is an independently Over the past 18 years, Urdang has completed over $4 billion of real estate transactions. The Company focuses on real estate investments in office, apartment and retail properties throughout the United States.
About Bank of New York.
The Bank of New York Company, Inc. (NYSE:BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide