Bringing you live news and features since 2006 

BNY Mellon to acquire wealth management business of Talon Asset Management


BNY Mellon, a global leader in investment management and investment services, has entered into an agreement to acquire Chicago-based Talon Asset Management’s wealth management operations, which have more than USD800 million in assets under management. Talon is one of the region’s premier independent investment managers.

"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," says 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," says 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.

Terms of the deal, which does not include the firm’s private equity and hedge fund businesses, were not disclosed and the sale is expected to close in the second quarter.

BNY Mellon Wealth Management is among the nation’s leading wealth managers, with more than two centuries of experience in providing investment management, wealth and estate planning, and private banking services to financially successful individuals and families, their family offices and business enterprises, charitable gift programs, and endowments and foundations. It is among the top 10 U.S. wealth managers with USD171 billion in private client assets and an extensive network of offices in the US and internationally.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has USD25.5 trillion in assets under custody and administration and USD1.2 trillion in assets under management, services USD11.9 trillion in outstanding debt and processes global payments averaging USD1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).

Latest News

News came last night from the US that the SEC has approved CBOE’s proposal to list and trade VanEck’s spot..
Irish domiciled funds surpassed EUR4.3 trillion AuM (Assets under Management) at end-March 2024, a 15 per cent increase in net..
European white label ETF platform, HANetf, has announced its total assets under management (AUM) has now exceeded USD4.31 billion...
New research from European ETF provider Tabula Investment Management shows investors are expecting improvements in ESG from the gold mining..

Related Articles

Timothy Rotolo, Range Funds
In 2023, Timothy Rotolo launched his business, Range Fund Holdings, the parent company for Range Indices and Range ETFs, followed...
Dan Miller, IQ-EQ
With just over a week to go till T+1 settlement begins in North America, Canada and Mexico, time is of...
Emily Spurling, Nasdaq
Last October’s ETF Express US Awards 2023 found Nasdaq winning Best Index Provider – ESG ETFs and Best Index Provider...
Vinit Srivistava, MerQube
Index provider, MerQube, launched in 2019, with the aim of providing a “technology-driven answer to the most complex, rules-based investment...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by