The move is part of a trend of wealth management firms increasing their presence in the state.

The Glenmede Trust Company, which recently formed a transatlantic pact with a multi-family office, is drawing up plans to open a new office in West Palm Beach, Florida – the firm’s first office in the state. The move is part of several firms’ entries into the Sunshine State over recent months.

The new office will be led by Howard Wilson, executive director of relationship management at Glenmede, it said in a statement yesterday.

“By formalizing our presence in the region, we deepen our commitment to serving the changing needs of current clients and also steadily grow the number of new relationships that will naturally result from our on-the-ground presence,” Wilson said. “Florida remains a prominent market for Glenmede, with many existing clients residing in the state on a full-time or seasonal basis,” he added.

The organization, which oversees more than $40 billion of client assets, already works with a network of local Florida-based intermediaries and industry professionals. 

Economic growth in the state, tax changes and other client needs have prompted Glenmede to add to its presence, it said.

Among other firms expanding in Florida are Goldman Sachs, which recently named its region head for Florida and Latin America, and has added hires in its private wealth management business; Rockefeller Capital Management, which has made a raft of hires in recent weeks, named the first person to join its newly-opened office in Florida; Evercore Wealth Management opened a new office in Palm Beach; Landsberg Bennett Private Wealth Management launched earlier this year in Punta Gorda, Florida; and Boston Private appointed advisors as part of its work with a Florida-based firm.