Bank of New York Mellon Corp's (BK.N) wealth management arm said on Thursday that it would buy a Chicago money manager, the latest in a series of deals to expand its presence across the United States and Canada. BNY Mellon reached a deal to buy Talon Asset Management's wealth management business and its more than $800 million in client assets under management. 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." Talon principals Terry Diamond, Alan Wilson and Edwin Ruthman will assume leadership roles in BNY Mellon's Chicago office. The deal does not include Talon's private equity and hedge fund businesses.
The Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company. Shares of BK remained unchanged at $28.89. 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 2500.
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