BNY Mellon's regional wealth management chief for the New York tri-state area plans to add relationship managers, portfolio managers and business development staff, ultimately boosting headcount to 30 or 35 within three years from 15 currently.
Plans to expand in the region emphasize New Jersey, Doris Meister, BNY Mellon Wealth Management president for Connecticut, New York and northern New Jersey, told Reuters. Acquiring advisory firms based in New Jersey is also in focus, along with doubling the number of managers and business development staff.
BNY Mellon already has a strong foothold in New England and New York. It has begun moving into the Southeast, and may seek to open its first office in Dallas this year. The unit serves private clients with at least $10 million of investable assets.
The New Jersey expansion would include moving to new facilities somewhere in central New Jersey. Meister, who previously helped build high net worth businesses at Merrill Lynch and Bernstein Wealth Management, expects to move the portfolio management team from its current Harding, N.J. site in the southwestern part of the state and shutter that office.