BNY Mellon is opening a new wealth management office in Washington, D.C., the fourth-largest U.S. wealth market. The office is set to open later this month with staff expected to reach double-digits in 2012, said Larry Hughes, CEO of BNY Mellon Wealth Management. The bank had no presence in Washington before.
The move into the D.C. market completes the bank’s strategy to enter into the top 10 markets, up from seven a year ago, says Hughes. Six months ago, it bought the investment management business of Chicago-based Talon Asset Management, one of the region’s top independent investment managers. It also opened an office in Dallas and raised its presence in key West Coast markets, including Seattle, San Francisco and Los Angeles, over the last two years.
Its goals include not just the U.S. wealth markets, but international markets as well. Last year it made its first foray into Canada’s wealth management market when it purchased i3 Wealth Advisors, a wealth management boutique in Toronto.
In a related development, the bank last week announced the promotion of BNY Mellon wealth management veteran Ridgway Powell to a new position leading a team of advisors to ultra high-net-worth families and family offices.
BNY Mellon Wealth Management has a network of more than 40 offices in the U.S. and internationally. It manages about $170 billion in private client assets.