BNY Mellon Acquires Talon Wealth Management Ops.

Apr 28 2011 | 8:20am ET

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.


In Depth

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Sponsored Content

Editor's Note