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."


In Depth

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Cash: An Asset In Adolescence

Aug 31 2017 | 3:34pm ET

If the investment industry has a rebellious teenager in the house today, that teenager...

 

From the current issue of