BNY Mellon has agreed to acquire Chicago-based Talon Asset Management’s wealth management operations, which have more than $800 million in assets under management. The sale is expected to close in the second quarter this year. Terms of the deal were not disclosed.
Upon completion of the transaction, Talon staff will become part of BNY Mellon and senior Talon principals Terry Diamond, Alan Wilson and Edwin Ruthman will assume leadership roles in the Chicago office.
“This combination will enable us to greatly strengthen and diversify the products and services we deliver to our clients,” Diamond says. “And our clients will continue to benefit from the very best service and expertise that our team has delivered to them over the past 27 years.”
BNY Mellon already employs nearly 450 people in the Chicago area in an array of business units including asset servicing and treasury services.
“BNY Mellon Wealth Management had targeted Chicago as part of its national and global expansion strategy, says Lawrence Hughes, CEO of BNY Mellon Wealth Management. 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.”