Continuing with the efforts of streamlining its portfolio in order to offer the best investment solutions to clients, The Bank of New York Mellon Corporation’s BK investment management division has completed the sale of CenterSquare Investment Management to its management team and the private equity firm Lovell Minnick Partners. However, terms of the deal have yet to be disclosed.
Being an investment manager that primarily focuses on managing real estate and infrastructure strategies, CenterSquare manages investments for institutional investors and high net worth individuals.
Going forward, both Lovell Minnick Partners and CenterSquare's management team will own CenterSquare through a partnership agreement.
CenterSquare Investment Management’s CEO and CIO, Todd Briddell said, "We are excited about the next phase of CenterSquare's evolution, as we continue to bring premier real estate and infrastructure strategies to the market while investing in the development and growth of our company. Lovell Minnick shares our vision for the future of CenterSquare and we are delighted to partner with them."
Now that CenterSquare will function independently, BNY Mellon is expected to continue offering real asset investment solutions through its other investment boutiques.
In fact, given its strong global reach and continued loan growth, BNY Mellon remains well positioned for growth in the future.
The company’s shares have gained 10.5% in the past year, underperforming 16.5% growth for the industry it belongs to.
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Currently, the stock carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the same space are BB&T Corporation BBT, Bank of America Corporation BAC and State Street Corporation STT, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BB&T witnessed an upward earnings estimate revision of nearly 1% for 2018, over the last 30 days. Its share price has increased 5.5% in the past year.
Bank of America’s Zacks Consensus Estimate for 2018 earnings has been revised 1% upward in the last 30 days. The company’s share price has increased 30.3% in a year’s time.
State Street’s earnings estimate for 2018 has been revised 2.2% upward over the last 30 days. Its shares have gained 17.5% in the past twelve months.
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