The Bank of New York is to beef up its alternative investment offering by acquiring the real estate investment management firm Urdang Capita...

The Bank of New York is to beef up its alternative investment offering by acquiring the real estate investment management firm Urdang Capital Management along with Urdang Securities Management. The purchase price and terms were not disclosed. Based in Plymouth Meeting, Pennsylvania, Urdang manages more than $3 billion in private equity investments and portfolios of REIT securities. Its entire investment management team will remain in place after the takeover. The Urdang deal follows on the footsteps of BoNY's recent acquisition of Alcentra, another alternative investment house that specialises in sub-investment grade debt fund management and structured credit products. BoNY currently has around $107 billion in assets under management.