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

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…