Following closure of the transaction, Talon teams will become part of BNY Mellon and their senior principals Terry Diamond, Alan Wilson and Edwin Ruthman will assume leadership positions in the Chicago office.
BNY Mellon said through this transaction Talon clients can benefit with broader global asset management opportunities; increased access to alternative investment opportunities; enhanced technology and reporting capabilities; and expanded private banking and wealth planning 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 of this year.
BNY Mellon Wealth Management CEO Lawrence Hughes said this transaction marks a significant step in the company’s growth in the region and will enable it to offer a whole new level of service to wealthy Chicago investors.
BNY Mellon already employs approximately 450 people in the Chicago metropolitan area in its various 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.
