BNY Mellon has entered into an agreement to acquire the wealth management operations of Chicago-based Talon Asset Management, which is said to have more than $800 million in assets under management, adding to the global investment manager’s access to a huge wealth market.

Terms of the deal, which does not include the firm's private equity and hedge fund businesses, were not disclosed and the sale is expected to close in the second quarter.

"BNY Mellon Wealth Management had targeted Chicago as part of its national and global expansion strategy. This transaction marks a significant step in the company's growth in the region and will enable us to offer a whole new level of service to wealthy Chicago investors,” said BNY Mellon Wealth Management chief executive Lawrence Hughes.

Upon completion of the transaction, Talon staff will become part of BNY Mellon and senior Talon principals Terry Diamond, Alan Wilson and Edwin Ruthman will assume leadership roles in the Chicago office, the firm said in a statement.

The firms have the view that Talon clients will receive the advantages of:  broader global asset management opportunities, increased access to alternative investment opportunities, enhanced technology and reporting capabilities, expanded private banking and wealth planning services.

BNY Mellon has $171 billion in private client assets.