Talon Sells Wealth Management Unit To BNY

Jul 6 2011 | 11:23am ET

Alternative investments firm Talon Asset Management has completed the sale of its wealth management business to the Bank of New York Mellon.

The Chicago-based firm, which retained its hedge fund and private equity businesses, agreed to sell the unit in April. Terms of the deal were not disclosed.

Talon's wealth management unit has more than $800 million in assets under management. BNY Mellon named veteran Michael DiMedio regional president of its new Chicago office, which includes the Talon unit.

"This acquisition represents a significant step in BNY Mellon Wealth Management's growth as we move into the third-largest wealth market in the U.S.," Lawrence Hughes, CEO of the wealth management business, said. "Our new location, capably headed by Mike, will enable us to better serve our current and prospective clients in the region."

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