Terms of the deal were not disclosed and the sale is expected to close by the beginning of Q2 2016.

BNY Mellon is to acquire the assets of Menlo Park, CA-based Atherton Lane Advisers, which has about $2.7 billion in assets under management.

Upon completion of the transaction, Atherton – which serves about 700 high net worth clients - will become part of BNY Mellon Wealth Management.

The firm’s principal Perry Olson will assume a senior leadership role. His colleagues and co-founders Janet Littlefield and Gary Patterson will also join, all under the leadership of David Emmes, BNY Mellon Wealth Management’s president of US western markets.

The transaction will boost BNY Mellon Wealth Management’s access to the Northern California wealth market where the firm already employs nearly 350 people in the region across several business groups including Mellon Capital Management and its asset servicing and treasury services businesses.