BNY Mellon is to acquire the assets of Atherton Lane Advisers, which has about USD2.7 billion in assets under management and serves about 700 high net worth clients.
Upon completion of the transaction, Atherton will become part of BNY Mellon Wealth Management. Atherton principal Perry Olson (pictured) will assume a senior leadership role. His colleagues and co-founders Janet Littlefield and Gary Patterson will also join, all under the leadership of David Emmes, BNY Mellon Wealth Management's president of US Markets-West.
"BNY Mellon and Atherton share a strong culture of focusing on clients and delivering insights and solutions to help them achieve their financial goals," says BNY Mellon Wealth Management CEO Don Heberle. "Atherton is located in the heart of Silicon Valley, which is a key wealth market for our national and global expansion strategy. We're delighted to welcome the co-founders of Atherton, Perry, Gary and Janet and their talented team to BNY Mellon."
"We are very excited to be joining a firm with the financial strength, breadth and quality of resources, as well as the commitment to client service which have distinguished BNY Mellon throughout its history. This combination will enable us to greatly strengthen and diversify the solutions and capabilities we deliver to our clients," Olson says. "At the same time, our clients will continue to benefit from the very best service and expertise that our team has delivered to them over the past 10 years."
The transaction will increase BNY Mellon Wealth Management's access to the Northern California wealth market where BNY Mellon already employs nearly 350 people in the region across several business groups including Mellon Capital Management and its Asset Servicing and Treasury Services businesses.
Terms of the deal were not disclosed and the sale is expected to close by the beginning of the second quarter of 2016.
83.45pt 311.8pt 340.15pt; mso-layout-grid-align:none;text-autospace:none'>The total transaction price for Lietuvos Energija was EUR28 million for a 100 per cent share in Tuuleenergia and a 75 per cent share in Eurakras, including buy-out of BaltCap´s co-investors. In Tuuleenergia transaction BaltCap was advised by corporate finance firm Superia and law office RASK.