BNY Mellon Wealth Management continues to build out its advisor sales force and professional staff in key wealth markets throughout the country.
In Chicago, it hired a former senior vice president of U.S. Trust as a senior director for business development, the fifth such director in that office. It also hired two mortgage banking officers from rival firms.
Jennifer Lucas joined as senior director of business development. She had business development, relationship management and team leadership responsibilities at U.S. Trust. The two new mortgage banking officers in Chicago are Neil Kohler, a private banker previously with Morgan Stanley, and Michael Castronovo, a former sales manager with Wells Fargo Private Mortgage Banking.
The three Chicago hires follow the appointment of three directors last month. The wealth manager expects to add more professionals and at least one more business development director and a wealth strategist by year-end as part of its expansion in the Chicago region. The office opened in 2011, the firm said.
BNY Mellon is also broadening its footprint in Arizona and Nevada, where the millionaire population is expected to be among the fastest-growing in the U.S., according to the firm. The wealth manager whisked away a two-man team from Wells Fargos Private Bank to strengthen the firms presence in Las Vegas and drive its expansion into the greater Phoenix market. Chad Maze leads business development efforts, while David Dasari serves as senior portfolio manager. Both men jointly managed a practice of full balance sheet wealth management for families and non-profits with assets of $5 million of more at Wells Fargo, according to BNY Mellon.
The firm also made senior hires in Boston and Madison, N.J. In Boston, it hired a senior director for business development, Nancy Brickley, who joined from Highmount Capital, where she was a managing director. And in Madison, N.J., BNY Mellon added an executive from JP Morgan Private Bank to lead the firms wealth management business in New Jersey. Daniel Scavone joined as regional managing director.
The wealth manager is also bulking up in Southern California, where it opened an office in San Diego, adding to the ones in Los Angeles and Newport Beach. The new office is headed by Paul Thiel, a senior director for business development who joined BNY Mellon in January of 2011.
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.
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