The acquisition adds more than $800 million of assets under management to BNY Mellon’s wealth management arm, which already handles about $171 billion. Talon's private equity and hedge fund businesses were not included in the deal.

Under the arrangement, Michael DiMedio, who has been with BNY Mellon for ten years, becomes president of the wealth manager's first Chicago office. He latterly worked in the company’s mid-Atlantic region operation as managing director of portfolio management.

The new office will include former Talon principals Terry Diamond, Alan Wilson and Edwin Ruthman, as well as newly appointed senior director Steven Appell, who represents the firm's regional family office services group. Appell was recently brought in by BNY Mellon to help drive its strategy in Chicago, as he has worked in the city for a number of years with the likes of Northern Trust and The Private Bank.

The third-largest wealth management market in the US, Chicago is home to over 24,000 households with investable assets over $5 million, as well as its own “Gold Coast” - the corridor hugging Lake Michigan between the Miracle Mile downtown and the northern suburb of Lake Forest - that has one of the highest concentrations of per capita wealth in the world.

To view a recent interview with Appell on BNY Mellon’s strategy in Chicago, click here.