BNY Mellon Wealth Management is expanding its presence in Silicon Valley.
The wealth manager opened a new office in Palo Alto to serve its growing client base in the area, while also being near one of the "country's premier technology centers where it can associate with the best and brightest minds in the industry," BNY Mellon announced Tuesday.
"The West Coast has for decades been strategically important to BNY Mellon, including its wealth management and investment management businesses," BNY Mellon Wealth Management CEO Larry Hughes said in a statement. "Just as importantly, as a global investments company, we place technology at the heart of everything we do for our clients. So it makes sense for us to establish a presence in Silicon Valley."
The newly built 6,800-plus-square-foot office, located just blocks from Stanford University, is one of several new locations that the firm has established globally in the past few years. It will have a staff of 13 by year-end, BNY Mellon said.
The new office is the latest step in the firm's expansion into Silicon Valley, one of the fastest growing regions for wealth management in the U.S. According to BNY Mellon, Silicon Valley and the greater San Francisco Bay area represent one of the top five U.S. wealth markets.
The firm last year signed a 10-year deal with the San Francisco 49ers as the franchise's official investments company and founding partner of their new stadium in Santa Clara. In addition, last month it announced the creation of an innovation center in Palo Alto to use emerging and disruptive technologies to gain new business insights, develop inventive, operational and technological capabilities, and identify potential new ventures that cater to emerging client needs.
"BNY Mellon today is just as much a technology company as an investments company," Hughes said. "Silicon Valley has strategic importance to us for recruiting and hiring the talented people."