Bank of New York Mellon Wealth Management will increase its U.S. business development staff by 15 client specialists by the end of this year. The jobs will be in places where it already has a large presence - including Miami, the New York tri-state area, Boston, and the West Coast.
BNY-Mellon's plan to increase the 100-person wealth division sales staff comes as the division plans to acquire financial advice firms and trust companies in the U.S. and overseas. The firm is seeking to take advantage of recovering markets and the wealth management firms that are putting themselves up for sale. Last week Wealth Management Chief Executive Lawrence Hughes said his division has a "robust" pipeline of potential acquisitions. Activity is focused
on areas where the bank has a lesser presence, including Texas, Arizona and California.
The takeover effort will also mean the hiring of new staff on an as needed basis, a spokesperson told eFC News.