BNY Mellon will acquire Chicago-based Talon Asset Management’s wealth management operations, with $800 million AUM.
"Both BNY Mellon and Talon share a strong commitment to client service and satisfaction and to delivering trusted guidance to help clients achieve their financial goals," said BNY Mellon Wealth Management CEO Lawrence Hughes. "BNY Mellon Wealth Management had targeted Chicago as part of its national and global expansion strategy. This transaction marks a significant step in the company's growth in the region and will enable us to offer a whole new level of service to wealthy Chicago investors."
Once the transaction is completed, Talon staff will join BNY Mellon and senior Talon principals Terry Diamond, Alan Wilson and Edwin Ruthman will take on leadership roles in the Chicago office.
The acquisition augments BNY Mellon Wealth Management’s already considerable presence in Chicago, where it employs almost 450 people.
Terms of the deal, which does not include Talon’s private equity and hedge fund businesses, were not disclosed and the sale is expected to close in the second quarter.
BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals with $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management.