CenterSquare Investment Management has strengthened its real assets platform with the acquisition of New York-based private real estate debt manager RCG Longview.
The deal value was not revealed. All RCG staff will be retained.
RCG founding partner Michael Boxer said: “Joining CenterSquare will position our firm to continue growing our investment strategies, providing new opportunities for us to work with existing and new clients.”
RCG caters to institutional investors and HNWIs in the US. It oversaw nearly $1.8bn in assets at the end of December 2018.
The takeover of the business will boost CenterSquare’s assets under management to more than $12.5bn across private equity real estate, private real estate debt, listed real estate as well as listed infrastructure.
Deal closure is anticipated by the end of this year.
CenterSquare CEO and CIO Todd Briddell said: “Under the leadership of Michael Boxer and Richard Gorsky, this transaction brings an exceedingly talented group of professionals to manage and grow the combined firm’s debt strategies.
“As a complement to our existing real assets platform, this transaction allows CenterSquare to selectively expand our best-in-class investment offerings to meet the evolving needs of our clients.”
CenterSquare was previously part of BNY Mellon.
A year ago, BNY Mellon sold CenterSquare to its management team and private equity firm Lovell Minnick Partners.