BNY Mellon Wealth Management has hired former Illinois state treasurer Alexi Giannoulias as a senior advisor for strategic relationships, as part of a build-out of the business in Chicago that will see five additional hires there.

Giannoulias was a state treasurer from 2007 to 2011 and was responsible for a $14 billion portfolio. He is currently an adjunct professor of political science at Northwestern University.

At BNY Mellon he will be responsible for business development at the Chicago wealth management office and also for strengthening the firm's client relationships with government entities across the US.

“His strong ties to the business community, background in financial services and extensive political experience make him uniquely qualified for the role,” the firm said in its statement.   

In this position he reports directly to Michael DiMedio, president of the Chicago office.

"Building on our acquisition of Talon Asset Management's business last year, BNY Mellon is actively strengthening our firm's presence in Chicago. This is the third largest wealth market in the US and is very important to us strategically," said diMedio.

To date, the wealth management firm has around $170 billion in private client assets.