The acquisition of Talon’s wealth management business adds more than $800m in assets under management to BNY Mellon’s wealth management business.
BNY Mellon Wealth Management CEO Lawrence Hughes said this acquisition represents a significant step in BNY Mellon Wealth Management’s growth as they move into the third largest wealth market in the US.
"Our new location, capably headed by Mike, will enable us to better serve our current and prospective clients in the region," he added.
BNY Mellon Wealth Management’s Chicago office includes former Talon principals Terry Diamond, Alan Wilson and Edwin Ruthman, as well as newly appointed senior director Steven Appell, who represents the firm’s family office services group in the region.
Terms of the deal, which does not include Talon’s private equity and hedge fund businesses, were not disclosed.
