The build-out of BNY Mellon's wealth management leadership team in Florida continues in full swing.
In its latest organizational move, the firm hired a former Merrill Lynch banking executive to grow the wealth management business in Florida. Luis Castellanos will oversee the expansion of the business with a team of wealth directors in Miami, Fort Lauderdale, Boca Raton and Palm Beach Gardens, filling a new role for the firm in that state, BNY Mellon Wealth Management announced Wednesday.
Castellanos joined as managing director for business development and will be based in Miami, according to the firm's announcement.
Castellanos was previously a managing director at Bank of America's Merrill Lynch Banking organizations, where he was responsible for developing and managing the firm's structured lending business for high-net-worth clients in Florida and international markets. Prior to that, he led the development and management of the credit and banking business for Merrill Lynch Global Wealth Management in the Latin America region.
The new hire is the latest step in the firm's expansion throughout Florida. In June, it promoted a portfolio management team leader in Fort Lauderdale to a new role as managing director of portfolio management for the Florida East Region. That followed several organizational announcements last year. In September of 2013, it moved to a larger office space in West Palm Beach, hired a senior director of business development in Palm Beach Gardens, and promoted two executives to newly created regional posts in Naples and Miami.