BNY Mellon Investment Manager Also Names Todd Briddell as President

PLYMOUTH MEETING, Pa., March 1, 2010 — Richard Ferst has been named chief executive officer of URDANG, a global real estate investment boutique and part of BNY Mellon Asset Management.  Ferst, who had been chief operating officer and president, retains his title of chief operating officer.  E. Scott Urdang, who founded the firm in 1987, had been chairman and chief executive officer. He retains the title of chairman.

In addition, Todd Briddell, URDANG's chief investment officer, has been named president of the investment manager.  He will continue as URDANG's chief investment officer.

"We are excited about URDANG's growth prospects as we transition to new leadership," said Ronald P. O'Hanley, president and chief executive officer of BNY Mellon Asset Management. "Scott Urdang has done a tremendous job in building URDANG into a successful real estate investment firm well positioned in both the public and private real estate markets and developing momentum. Richard Ferst has played a key role in shaping this growth, and we are confident that his leadership will benefit URDANG as it moves into new areas such as real estate debt." The firm's private real estate group, operating under Urdang Capital Management, continues to report directly to Ferst.

Ferst, who joined the company in 1998, has been overseeing all aspects of the company's business activities and has more than 35 years of management expertise.  Prior to joining URDANG, he was a partner, member of the governing board, and a regional managing partner for Laventhol & Horwath.  He also served in executive positions at Arthur Andersen LLP and lectured at The University of Pennsylvania's Wharton Entrepreneurial Center, Drexel University and Temple University. 

He received his bachelor's degree in accounting from American University and his MBA from The George Washington University. He is a Certified Public Accountant.

Regarding the promotion of Briddell to president, Scott Urdang said, "Todd has been the driving force behind the growth and performance of our domestic and global REIT business. Over the past 15 years, Todd developed Urdang Securities Management into a well-respected asset management organization."  Looking ahead, Urdang said, "Todd will focus much of his energy on growing Urdang Securities Management and expanding URDANG's efforts in the debt market."

Briddell joined URDANG in 1993 as a member of its private equity acquisitions group, founded the listed property securities group in 1995, and led the design and development of its commercial real estate debt team in 2009.  He was awarded a bachelor's degree from the Wharton School of Business at the University of Pennsylvania.  He is a member of NAREIT, the CFA Institute/Society of Philadelphia and PREA, where he was co-chair of the Green Building Committee.

Founded in 1987 with an exclusive focus on institutional investment grade real estate, URDANG offers a variety of strategies and products, managing approximately $1.6 billion in public real estate securities through URDANG Securities Management, Inc. and approximately $2.0 billion in debt and private equity real estate investments through URDANG Capital Management, Inc. for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors. URDANG's research-driven process combines top down economic analysis and market/country selection with bottom up underwriting of properties, companies and management teams to seek high, risk-adjusted returns.  It is one of the investment boutiques of BNY Mellon Asset Management.

BNY Mellon Asset Management is the umbrella organization for BNY Mellon's affiliated investment management firms and global distribution companies.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.3 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $12 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at www.bnymellon.com.

All information source BNY Mellon Asset Management as at 31/12/09. This press release is qualified for issuance in the US only and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Asset Management to members of the financial press and media and the information contained herein should not be construed as investment advice.  Past performance is not a guide to future performance.
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