BNY Mellon Wealth Management Enters Third Largest U.S. Wealth Market; Michael DiMedio Named President of New Office
NEW YORK and CHICAGO, July 5, 2011 — BNY Mellon, a global leader in investment management and investment services, has completed its acquisition of Chicago-based Talon Asset Management's wealth management operations, and has named Managing Director Michael DiMedio regional president of the wealth manager's first Chicago office.
The acquisition of Talon's wealth management business 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. "Our new location, capably headed by Mike, will enable us to better serve our current and prospective clients in the region."
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.
With this transaction Talon clients will enjoy several benefits, including:
- Broader global asset management opportunities
- Increased access to alternative investment opportunities
- Enhanced technology and reporting capabilities
- Expanded private banking and wealth planning services
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, which does not include Talon's private equity and hedge fund businesses, were not disclosed.
BNY Mellon Wealth Management is among the nation's leading wealth managers, with more than two centuries of experience in providing investment management, wealth and estate planning, and private banking services to financially successful individuals and families, their family offices and business enterprises, charitable gift programs, and endowments and foundations. It is among the top 10 U.S. wealth managers with $171 billion in private client assets and an extensive network of offices in the U.S. and internationally.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com and on Twitter @bnymellon.