The terms of the deal were not disclosed.

BNY Mellon's investment management arm has agreed to sell CenterSquare, its real assets investment boutique, to the firm's management team and private equity house Lovell Minnick Partners for an undisclosed sum. 

Founded in 1987, CenterSquare Investment Management has around $9 billion in assets under management in US and global real estate and infrastructure investments. 

“For BNY Mellon Investment Management, this transaction meets our strategy of streamlining our portfolio to provide a focused set of specialist investment solutions for clients via our global distribution network,” said Mitchell Harris, chief executive of BNY Mellon Investment Management. “We will continue to offer real asset investment solutions through our other investment boutiques."

The deal is subject to regulatory and other approvals and is expected to close by the end of this year.