Bank of New York Mellon’s wealth management unit will acquire Talon Asset Management’s wealth management operations with $800 million in assets. Senior Talon principals Terry Diamond, Alan Wilson and Edwin Ruthman will assume leadership roles in the Chicago office.

The financial terms of the deal were not disclosed, which is anticipated to close in the second quarter. The transaction does not include Talon’s private equity and hedge fund businesses, which manage about $400 million in assets.

Click here for the release from PR Newswire.