BNY Mellon Wealth Management has unveiled a new office in Palo Alto, CA, as part of its strategic growth drive in Silicon Valley.

BNY Mellon Wealth Management has unveiled a new office in Palo Alto, CA, as part of its strategic growth drive in Silicon Valley.

Last month it announced the creation of an “innovation hub,” where it plans to hire as many as 100 technology professionals.

“The West Coast has for decades been strategically important to BNY Mellon, including its wealth management and investment management businesses. Today, Silicon Valley and the greater San Francisco Bay area represent one of the top five wealth markets in the US,” said BNY Mellon Wealth Management's chief executive, Larry Hughes.

“Just as importantly, as a global investments company, we place technology at the heart of everything we do for our clients,” Hughes added. “So it makes sense for us to establish a presence in Silicon Valley, one of the country’s premier technology centers where we can associate with the best and brightest minds in the industry.”

BNY Mellon said the new office was chosen for its excellent accessibility and convenience to support the wealth management business’ clients.

The Palo Alto offices and the fast-growing San Francisco office area are headed by regional president Amy Millman. By year-end the office will have a staff of 13, BNY Mellon said.

“BNY Mellon today is just as much a technology company as an investments company,” Hughes said. “Silicon Valley has strategic importance to us for recruiting and hiring the talented people.” 

BNY Mellon employs 400 people in asset management and asset services throughout the region and more than 800 people in California.