(Bloomberg News) Bank of New York Mellon Corp., the world's largest custody bank, agreed to buy Talon Asset Management's wealth management operations, adding more than $800 million in assets.
Terms of the deal weren't disclosed in a statement today from New York-based BNY Mellon. Senior Talon principals Terry Diamond, Alan Wilson and Edwin Ruthman will assume leadership roles in the Chicago office, where Talon is based.
The deal is adding to BNY Mellon's $171 billion in private client assets and will give the company better access to wealthy families in the Chicago area, where it already employs 450 people in businesses such as asset servicing and treasury services. The transaction is scheduled to be completed in the second quarter.
"BNY Mellon Wealth Management had targeted Chicago as part of its national and global expansion strategy," Lawrence Hughes, head of BNY Mellon Wealth Management, said in the statement. "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."