New York (HedgeCo.net) – Investment management firm, BNY Mellon, is in the process of acquiring Chicago-based Talon Asset Management’s wealth management operations, which have more than $800 million in assets under management. Talon is one of the region’s premier independent investment managers, the team did not include the firm’s private equity and hedge fund businesses .
“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,” said BNY Mellon Wealth Management CEO Lawrence Hughes. “BNY Mellon Wealth Management had targeted Chicago as part of its national and global expansion strategy. 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.”
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,” said Diamond. “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.”
While the pending acquisition gives BNY Mellon Wealth Management increased access to the Chicago market, BNY Mellon already employs nearly 450 people in the metropolitan area in an array of business units including asset servicing and treasury services.
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