BNY Mellon announced Thursday it has agreed to buy Chicago-based Talon Asset Management’s wealth management operations, which have more than $800 million in assets under management.
Lawrence Hughes, the chief executive officer of BNY Mellon Wealth Management, said the New York banking company has “targeted Chicago as part of its national and global expansion strategy.
“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,” he said. “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.”
When the acquisition closese this quarter, Talon’s staff become part of BNY Mellon and senior Talon principals Terry Diamond, Alan Wilson and Edwin Ruthman will assume leadership roles in BNY Mellon Wealth Management’s Chicago office. BNY Mellon has 450 employees in the Chicago metropolitan area in different business units including asset servicing and treasury services.
The price of the deal was not disclosed. The acquisition does not include Talon’s private equity and hedge fund businesses.
BNY Mellon Wealth Management is among the 10 largest wealth managers nationally with $171 billion in private client assets under management.