Bank of NY to Buy RE Investment Manager

Urdang Capital Management Inc., a real estate investment manager based in Plymouth Meeting, Pa., has announced an agreement under which it will be acquired by The Bank of New York Co. for an undisclosed amount.E. Scott Urdang, the company's chief executive officer, said Urdang's entire management team will remain in place. "Urdang's significant real estate expertise, coupled with The Bank of New York's substantial asset management and distribution strengths, makes this a perfect fit for both parties," he said. Urdang said it manages more than $3 billion in private equity investments and portfolios of real estate investment trust securities. Bank of New York can be found on the Web at http://www.bankofny.com.