Bank of New York Mellon's wealth management arm said on Thursday that it will buy a Chicago investment manager with $800 million in assets, the latest in a series of deals to expand the bank's presence across the United States and Canada. BNY Mellon (BK.N) reached a deal to buy Talon Asset Management's wealth management business, giving a company that is strong in the Northeast its first office in the Chicago area. Talon manages money for individuals with more than $1 million to invest, nonprofits and foundations. Financial terms were not disclosed, and the sale is expected to close in the second quarter. Wealth management unit Chief Executive Officer Lawrence Hughes said BNY Mellon "had targeted Chicago as part of its national and global expansion strategy."
The Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company. Shares of BK fell by 0.66% or $-0.19/share to $28.7. In the past year, the shares have traded as low as $23.78 and as high as $32.50. On average, 6784410 shares of BK exchange hands on a given day and today's volume is recorded at 409438.
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