Deal for Silicon Valley Investment Counseling Firm Will Strengthen BNY Mellon Wealth Management's presence in one of the fastest-growing U.S. Wealth Markets
BNY Mellon, a global leader in investment management and investment services, has signed a definitive agreement to acquire the assets of Menlo Park, CA-based Atherton Lane Advisers, LLC, which has about $2.7 billion in assets under management. Atherton is one of the region's premier independent investment managers and serves about 700 high net worth clients.
Upon completion of the transaction, Atherton will become part of BNY Mellon Wealth Management. Atherton principal Perry Olson will assume a senior leadership role. His colleagues and co-founders Janet Littlefield and Gary Patterson will also join, all under the leadership of David Emmes, BNY Mellon Wealth Management's president of U.S. Markets-West.
"BNY Mellon and Atherton share a strong culture of focusing on clients and delivering insights and solutions to help them achieve their financial goals," said BNY Mellon Wealth Management CEO Don Heberle. "Atherton is located in the heart of Silicon Valley, which is a key wealth market for our national and global expansion strategy. We're delighted to welcome the co-founders of Atherton, Perry, Gary and Janet and their talented team to BNY Mellon."
"We are very excited to be joining a firm with the financial strength, breadth and quality of resources, as well as the commitment to client service which have distinguished BNY Mellon throughout its history. This combination will enable us to greatly strengthen and diversify the solutions and capabilities we deliver to our clients," Olson said. "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."
The companies noted that the transaction offers several advantages to Atherton clients, including:
- Expanded private banking, credit and lending services
- Comprehensive trust and fiduciary services
- Vast global asset management opportunities via BNY Mellon's multi-boutique model
- Increased access to sophisticated alternative investment opportunities
- Enhanced technology and reporting capabilities
The transaction will increase BNY Mellon Wealth Management's access to the Northern California wealth market where BNY Mellon already employs nearly 350 people in the region across several business groups including Mellon Capital Management and its Asset Servicing and Treasury Services businesses.
Terms of the deal were not disclosed and the sale is expected to close by the beginning of the second quarter of 2016.
BNY Mellon Wealth Management is a leading wealth manager, and was named in 2015 by Family Wealth Report as the top National Private Asset Manager and top Private Bank serving Family Offices. Barron's ranked it the 7th largest U.S. wealth manager in 2015. The firm has more than two centuries of experience in providing services to clients who today include financially successful individuals and families, their family offices and business enterprises, planned giving programs, and endowments and foundations. It has more than $183 billion in private client assets, as of September 30, 2015, and an extensive network of offices in the U.S. and internationally. BNY Mellon Wealth Management, which provides investment management, custody, wealth and estate planning and private banking services, conducts business through various operating subsidiaries of The Bank of New York Mellon Corporation.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Sept. 30, 2015, BNY Mellon had $28.5 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).
Atherton Lane Advisers, LLC® is an independent, Federally Registered Investment Adviser based in Menlo Park, California. Founded in 2005, with about $2.7 billion in assets under management, the firm provides comprehensive wealth management and investment counseling services to private clients through individually designed investment portfolios that are broadly diversified across asset classes and within asset sectors.