BNY Mellon acquires Talon Asset Management

BNY Mellon Wealth Managemet has acquired the
wealth management business of Chicago-headquartered Talon Asset
Management.

The acquisition is part of BNY Mellon’s
ambition to strengthen its wealth management service offerings,
said BNY Mellon Wealth Management chief executive Lawrence
Hughes.

The acquisition of Talon Asset Management adds
more than $800m to BNY Mellon’s existing $1.2tr assets under
management (AuM).

BNY Mellon appointed its managing director of
portfolio management for the Mid-Atlantic region, Michael DiMedio
as president of new Chicago office.

America 2nd largest wealth hub still

The exact terms of the deal, which does not
include Talon’s private equity and hedge fund businesses, were not
disclosed.

North America remains the world’s largest
wealth market, according to BCG’s 2011 global wealth report
published in June.

AuMs in the US amounted to $38.2tr,
representing an increase of 10.2% over the previous fiscal –
the world’s second-highest growth rate after the Asia-Pacific
region (excluding Japan).

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