The Bank of New York is acquiring the Pennsylvania-based estate investment management firm, Urdang Capital Management, and Urdang Securities...

The Bank of New York is acquiring the Pennsylvania-based estate investment management firm, Urdang Capital Management, and Urdang Securities Management, which manages more than $3 billion in private equity investments and REIT securities. The purchase price and terms of the deal were not disclosed. "The acquisition of Urdang underscores the continued expansion of our alternative investment solutions for our institutional and private clients," says Thomas Renyi, chairman and chief executive officer of The Bank of New York, in a statement. Urdang 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 private client investors. Over the past 18 years, Urdang has completed over $4 billion of real estate deals focused on office, apartment and retail properties throughout the US.