Bank of New York Mellon's (BNY Mellon) Wealth Management division has entered the nation's third largest wealth management market with the acquisition of Talon Asset Management of Chicago's wealth management operations.
BNY Mellon, a global leader in investment management and investment services, announced today that it has completed its purchase of Talon's wealth management business and has named Managing Director Michael DiMedio regional president, located in the Chicago office.
This adds more than $800 million in assets under management to BNY Mellon's wealth management business. Talon is one of the region's premier independent investment managers.
"This acquisition represents a significant step in BNY Mellon Wealth Management's growth as we move into the third largest wealth market in the U.S.," said BNY Mellon Wealth Management CEO Lawrence Hughes.
DiMedio has been with BNY Mellon for more than 10 years. Most recently, he has been based in the firm's Mid-Atlantic region, where he served as managing director of portfolio management. His appointment as president is effective immediately and he will continue to serve on the board of BNY Mellon Trust of Delaware. He earned his juris doctor degree from George Mason University in Virginia and has 17 years of experience in financial services.
BNY Mellon Wealth Management's Chicago office includes former Talon principals Terry Diamond, Alan Wilson and Edwin Ruthman, as well as newly appointed Senior Director Steven Appell, who represents the firm's family office services group in the region.
The new wealth management office is among several Chicago-area BNY Mellon businesses that employ nearly 450 people in asset servicing, treasury services and other businesses.
Terms of the deal were not disclosed. It does not include Talon's private equity and hedge fund businesses.
BNY Mellon Wealth Management is among the nation's oldest and leading wealth managers, spanning more than two centuries, with $171 billion in private client assets.