The wealth management business is expanding, moving to larger premises in New York's Midtown district.

Glenmede Trust Company, the privately-held wealth management firm with $40 billion in assets under management, is moving to larger premises in New York City to absorb more staff, reflecting business growth in recent years. 

The new premises are in 535 Madison Avenue, comprising 11,000 square feet of space, and a short distance from the previous office in 590 Madison Avenue, Glenmede said in a statement yesterday. 

“Our decision to relocate is a testament to significant client and employee growth and an investment in this positive trajectory in the New York City market,” Lee Miller, regional office director and managing director at Glenmede, said.

Glenmede, which is headquartered in Philadelphia, opened its first New York City office over eight years ago. The new space offers additional conference room capacities, which will better accommodate internal and client meetings, as well as not-for-profit investment committee meetings for the firm’s endowment and foundation clients.

The building features art by the artist Fernand Léger and was designed by architect Edward Larabee Barnes. The 21st floor, specifically, was designed by Meyer Design, Inc. Glenmede was represented by CBRE.

In addition to its Philadelphia and NYC offices, Glenmede has offices in Ohio, Delaware, New Jersey, and Washington DC.

Among recent developments, Glenmede named Rhonda R Cohen as chairman of the board of directors - the first woman to hold this position - and Jordon B Savitch, who recently joined Glenmede as general counsel and director of business assurance, and a member of the company’s management committee.