BNY Mellon is the latest custodian to expand its wealth management division with its acquisition of rival Talon’s operations, as it seeks to take advantage of growth opportunities and better service its wealth clients.

In an undisclosed deal, the acquisition of the wealth division of Chicago-based Talon Asset Management adds $800m in assets under management to BNY Mellon's wealth management business. Talon also has private equity and hedge fund arms, which were not included in the transaction.