BNY Mellon Wealth Management has promoted a company veteran to the position of market leader for the firm's New Jersey region.
James Robertson will develop and execute the wealth manager's overall strategy in New Jersey, which is the fifth largest state in millionaire households, according to research firm Spectrum.
Robertson will coordinate the day-to-day activities of New Jersey portfolio managers, wealth directors and private bankers and bolster the BNY Mellon brand throughout the region, the wealth manager said in its announcement this week. He will be based in Madison, N.J.
The 31-year veteran of BNY Mellon appears to fill a position vacated by Daniel Scavone, a former managing director at JP Morgan Private Bank who left after three months on the job. Scavone was hired in January as regional managing director to lead the firm's wealth management business in New Jersey. The reason for Scavone's departure was not disclosed, a spokesperson for the firm said.
Robertson served in many wealth management leadership positions at BNY Mellon, most recently as a team leader for seven years in the New York region.
"New Jersey represents a large growth opportunity for us and Jim's appointment is just the latest step in our expansion strategy for the Tri-State region," Doris Meister, president of U.S. Markets Tri-State, said in a statement.
In June, the firm hired a wealth director for business development in Madison, N.J. Clare McCoy joined from PNC Bank in Monmouth County, N.J., where she was a vice president and client advisor.