The financial terms of the deal were not disclosed.

BNY Mellon Investment Management has completed the sale of Pennsylvania-based investment boutique CenterSquare Investment Management to the private equity firm Lovell Minnick Partners and CenterSquare's management team. The deal was originally announced in September 2017.

The financial terms of the transaction were not disclosed.

CenterSquare will now operate as an independent entity owned in a partnership between CenterSquare's management team and Lovell Minnick Partners. 

BNY Mellon and CenterSquare will continue to collaborate on investment solutions via a number of sub-advisory arrangements.

"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,” said Todd Briddell, chief executive and chief investment officer of CenterSquare Investment Management. “Lovell Minnick shares our vision for the future of CenterSquare and we are delighted to partner with them."

Founded in 1987, CenterSquare manages approximately $8.9 billion of real estate and infrastructure securities and approximately $832 million (gross) of private equity real estate investments as of September 30, 2017. It manages investments for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors.

Lovell Minnick Partners is a private equity firm investing in middle market companies in financial services and business services. The firm has offices in Philadelphia, Los Angeles and New York.