BNY Mellon has opened a new wealth management office in Washington DC, coinciding with the firm’s investor day presentation earlier this week, in which it said it would be expanding its wealth management business in the US and internationally.

The office is located in downtown Washington, an important wealth market in the US, and is four blocks from the White House.

“This office opening is a continuation of our strategy to be in all of the nation’s most important wealth markets,” said Larry Hughes, chief executive of BNY Wealth Management.

“Our Washington office means we now have a meaningful presence in all of the top ten wealth markets up from seven just a year ago,” he added.

In its 2011 investors day presentation on 14 November, the New York-headquartered firm said it would be looking to expand investment management production and distribution. In terms of assets under management, the firm has around $170 billion in the US wealth management business, and ranks eleventh globally, with $1.17 trillion, according to P&I/ Watson Wyatt.

The US makes up around 58 per cent of global revenue for the firm’s investment management division, down from 77 per cent in 2006. The EMEA and Asia regions have grown in importance.

Meanwhile, BNY Mellon is looking to make up to $700 million in operational savings, according to the presentation. Areas of saving include reducing high-cost real estate and consolidating loans, consolidating applications in asset servicing and corporate trust, and insourcing software development.