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The Bank of New York expands alternative investment platform

The Bank of New York is to acquire the estate investment management firm Urdang Capital Management, Inc and Urdang Securities Management, Inc.

Urdang manages more than USD 3 billion in private equity investments and portfolios of REIT securities.

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.

"The acquisition of Urdang underscores the continued expansion of our alternative investment solutions for our institutional and private clients," says Thomas A Renyi, chairman and chief executive officer of The Bank of New York Company, Inc. "Urdang has built a strong reputation over 18 years in the institutional real estate investment community and will provide our clients with an important asset class that supports their diversification and asset allocation strategies."

Steven Pisarkiewicz, head of BNY Asset Management and executive vice president of The Bank of New York, believes the acquisition will help the firm attract new clients. 'Urdang's strong investment performance, variety of real estate investment vehicles and proven investment process significantly bolster our alternative investments platform, which will increase our ability to attract and retain asset management clients,' he says. 'This follows our recent acquisition of Alcentra, which specializes in sub-investment grade debt fund management and structured credit products. These acquisitions expand our presence in two highly attractive alternative investment market segments."

Based in Plymouth Meeting, Pennsylvania, Urdang Capital Management, Inc is an independently owned investment manager that focuses exclusively on private and public real estate investments on behalf of large corporate and public pension funds, as well as other institutional investors. Over the past 18 years, Urdang has completed over USD 4 billion of real estate transactions. The company focuses on real estate investments in office, apartment and retail properties throughout the United States.

"The Bank of New York's substantial asset management and distribution strengths, coupled with the significant real estate expertise of our company, makes this a perfect fit for both parties," said E Scott Urdang, chief executive officer of Urdang Capital Management, Inc. "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."

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