BNY Mellon Wealth Management is moving to a larger office space in West Palm Beach to accommodate growing business in Florida, the wealth manager announced Tuesday.
The new office is almost double the size of the prior space with room to add more staff. The firm plans to increase its sales force in Florida to 160 investment and sales professionals by the end of 2014, from the current 80, BNY Mellon said.
Our doubling of the West Palm Beach office space reflects our strong commitment to expanding our business footprint in the state, Joe Fernandez, the newly appointed regional president for BNY Mellon Wealth Management in Florida-East, said in the announcement.
Since 2007, BNY Mellon has nearly doubled its Florida assets under management to $5.2 billion and increased its client base by 60%, according to the firm.
The announcement follows the promotion earlier this month of two BNY Mellon executives to newly created regional posts based in Naples and Miami. The expansion of the Florida team is part of the firms long-term campaign to increase its nationwide sales force by 50% by the end of 2014.