BNY Mellon has agreed to acquire the assets of Atherton Lane Advisers, an independent investment manager which has about $2.7bn in assets under management and serves about 700 HNW clients.
Following the deal, Atherton will become a subsidiary of BNY Mellon Wealth Management. Financial terms of the transaction have not been disclosed.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Also, Atherton principal Perry Olson will take over a senior leadership role at BNY Mellon, while his colleagues and co-founders Janet Littlefield and Gary Patterson will also join the firm all under the leadership of David Emmes, BNY Mellon Wealth Management’s president of US Markets-West.
This acquisition will provide Atherton clients benefits such as expanded private banking, credit and lending services, trust and fiduciary services, global asset management opportunities via BNY Mellon’s multi-boutique model.
The transaction will also offer increased access to alternative investment opportunities and enhanced technology and reporting capabilities to Atherton clients.
The acquisition will boost BNY Mellon Wealth Management’s access to the Northern California wealth market, where BNY Mellon has nearly 350 people in the region.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe deal is scheduled to complete by the beginning of the second quarter of 2016.
Olson said: "This combination will enable us to greatly strengthen and diversify the solutions and capabilities we deliver to our clients. At the same time, our clients will continue to benefit from the very best service and expertise that our team has delivered to them over the past 10 years."
