Magazine article American Banker

BNY Mellon Ramps Up Push into S. Calif

Magazine article American Banker

BNY Mellon Ramps Up Push into S. Calif

Article excerpt

Byline: Donna Mitchell

Expansive, diverse and home to many wealthy people, Southern California is a tantalizing market for BNY Mellon Wealth Management.

Historically, the region's wealthy prefer wirehouse brokers, but BNY Mellon Wealth Management said it is committed to bringing its brand of wealth management services, which appeal more to "old money" clients, to affluent investors.

The wealth manager, a division of Bank of New York Mellon Corp., has hired two professionals for its Los Angeles operations: Spencer Gould, as a senior director, and Kimberlea Archer, as a director of business development.

Gould, who was a managing director atFiduciary Trust Co. International, has more than 25 years of banking, trust and investment experience.

Archer was a vice president and private client adviser for U.S. Trust, Bank of America's wealth management business.

Gould and Archer are the latest salvo in the division's bid to provide wealth management services in Los Angeles and Southern California.

In the past eight months, it has hired four and promoted five others in the market.

Two more new hires are in the pipeline, according to Tracy Nickl, a managing director of BNY Mellon Wealth Management's Southern California region.

With almost a million households with investable assets of $1 million or more, Southern California has the largest concentration of wealthy households in the state, according to 2008 research from TNS, a global research firm in London. …

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