BNY Mellon is building out its wealth management team in Chicago, Seattle and Palm Beach Gardens, Fla.
The wealth manager hired three directors in Chicago. Paul Goodrich joined as a senior director for business development, Edward Costello as a senior director for portfolio management, and Robert Mitchell as a managing director and member of the firms national family advisor team. Both Goodrich and Costello were formerly with U.S. Trust, while Mitchell was with Northern Trust.
The Chicago office now has a staff of 25, more than double its size when it opened in 2011, with more additions expected next year, BNY Mellon said.
In Seattle, the firm hired Thomas Ryan, a financial advisor formerly with UBS Financial Services, as a senior director for business development. In addition, it added two assistant portfolio managers and a fiduciary services professional to the Seattle office.
BNY Mellon also hired a senior director for business development in Palm Beach Gardens, Fla. Christopher McDermott was previously a financial advisor with AllianceBernstein in West Palm Beach, and prior to that, he was a co-founder and senior managing director with Bond Street Holdings, a bank holding company that created Florida Community Bank.
The new hires are part of the wealth managers campaign to increase its sales force by 50% and add private and mortgage bankers and other professionals in key wealth markets by the end of 2014. The firm has added 32 people to the sales force this year and expects to add 18 more next year, BNY Mellon said.