Strategy
US Bank Eyes Big Advisor Expansion; Opens New York Office
The bank looks to add around 100 advisors from its current nationwide roster of around 270. It has opened new premises in Manhattan, its first foray into New York.
Bank of the West intends to recruit around 100 wealth and private client advisors in the US over the next three years, a rise of about one third from present levels, as the organization taps what it sees as strong growth potential. It celebrated the official opening of its first office in New York yesterday.
The planned increase of advisors across the US was announced by Pierre Ramadier, head of Bank of the West Wealth Management Group, when he briefed journalists about the new office and his firm’s plans. The group is part of BNP Paribas, the French banking conglomerate.
The new recruits will be private client advisors and “wealth financial advisors” (specialists dealing with a range of needs), he said in a conference call. Ramadier spoke alongside Sofia Merlo, co-chief executive of BNP Paribas Wealth Management.
Bank of the West expects the number of US ultra-high net worth
individuals (those with at least $25 million of investable
assets) to rise by about 9 per cent over the next three years,
Ramadier continued.
The firm sees its New York office as part of a strategy to
attract clients such as from Asia and Europe who wish to work
with Bank of the West. The lender will offer onshore services to
such persons, he said.
Client numbers have risen fast in recent years, increasing from around 6,000 in 2011 to about 32,000 today, he said. From its West Coast origins, Bank of the West has developed a national footprint, operating in multiple US states.
The bank has the benefit of being able to exploit the financial and investment resources of its BNP Paribas parent, one of the largest financial groups in the world, Ramadier continued. Bank of the West now holds around $13.5 billion in client money and the aim is to go through $21 billion by 2021, he said.
The firm’s new offices are in the Midtown area of Manhattan. Services include portfolio management, philanthropic services, financial and estate planning, brokerage and advisory.
