NEW YORK, July 2, 2018 /PRNewswire/ -- BNY Mellon Investment Management ("BNY Mellon") and Amherst Holdings, LLC ("Amherst" or "Amherst Holdings"), today announced the completion of the transaction through which BNY Mellon has exchanged its majority equity interest in Amherst Capital Management LLC ("Amherst Capital") for a minority equity stake in Amherst Holdings ("Amherst"). Texas Treasury Safekeeping Trust Company1 ("TTSTC"), a founding seed investor in Amherst Capital, also completed the exchange of its economic interest in Amherst Capital for an interest in Amherst Holdings. Originally announced on May 14, 2018, the terms of the transaction were not disclosed.
Sean Dobson, Chairman and CEO of Amherst, said, "Through the integration of Amherst Capital, we will now be able to more efficiently harness our complete, vertically integrated real estate investment platform to provide clients our full breadth of innovative strategies, while also further investing in our people and investment offerings. We look forward to continuing our successful relationship with BNY Mellon and TTSTC by offering access to Amherst Capital's real estate private debt, private equity, and public securities strategies, as well as Amherst's full suite of real estate investment solutions."
Amherst Capital will now operate as a wholly owned subsidiary of Amherst, which, along with its affiliates and subsidiaries, will have more than $3.6 billion under management and approximately $15 billion under advisement and oversight through its affiliated broker dealer, Amherst Pierpont. BNY Mellon will continue to offer Amherst Capital's real estate solutions to its clients, while benefiting from the ongoing growth and potential to engage with Amherst on other real estate investment opportunities.
About Amherst Holdings
For over 20 years, Amherst Holdings and its affiliates have provided institutional investors with a broad suite of financial services related to the U.S. real estate, mortgage and securitized product markets. During this period, Amherst Holdings has made extensive investments to develop data, technology resources and proprietary analytical tools that have helped position the firm as a market leader in the areas of real estate risk analysis and behavioral economics. Amherst Holdings was one of few mortgage specialists to anticipate the mortgage crisis and has continued to use its experience and analytic resource advantages to evaluate new risks and opportunities in the real estate markets. The firm is majority owned by its employees and employs approximately 850 professionals across its single family residential, asset management, investment banking and technology platforms. For more information, please visit www.amherst.com.
About BNY Mellon Investment Management
BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.9 trillion in assets under management as of March 31, 2018. It encompasses BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies. BNY Mellon Investment Management is part of BNY Mellon, which has $33.5 trillion in assets under custody and/or administration as of March 31, 2018. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
Tom Johnson/Dan Scorpio
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1It is not known whether the listed client approves or disapproves of the adviser or the advisory services provided.
SOURCE BNY Mellon