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BNY Mellon Eyes Family Office Group Growth In California

Eliane Chavagnon Reporter 18 December 2012

BNY Mellon Eyes Family Office Group Growth In California

BNY Mellon Wealth Management has appointed Tracy Tuens, latterly of Abbot Downing, to the newly-created role of senior sales director within its family office and advisor solutions group.

BNY Mellon Wealth Management has appointed Tracy Tuens, latterly of Abbot Downing, to the newly-created role of senior sales director within its family office and advisor solutions group.

Based in San Francisco, CA, Tuens reports to managing director Eileen Foley and is responsible for business development and client retention for the Western regional family office and ultra high net worth market.

Prior to joining BNY Mellon Wealth Management, Tuens worked at Wells Fargo for seven years, most recently as director of client management for Abbot Downing, the bank's UHNW family wealth division launched earlier this year. Before that, she served for five years as a business development officer with US Trust.

BNY Mellon is one of a host of firms positioning for growth in California. As reported today, Boston Private Bank & Trust is focusing on the San Francisco Bay Area and Southern California region - as it sells offices in Washington - citing the area as being one of the three deepest concentrations of high net worth clients in the US. According to research released earlier this month by Wealth Insight, California claims the top spot as the state with the most ultra-wealthy residents.

In other recent news, yesterday it emerged that BNY Mellon has made three executive promotions. As part of this, Karen Peetz, currently vice chairman and CEO of financial markets and treasury services, will become president of BNY Mellon. When Gerald Hassell took over from Robert Kelly as chairman and chief executive of BNY Mellon, in September 2011, he left the president role.

At end-September, BNY Mellon Wealth Management had $178 billion in private client assets, of which $60 billion is accounted for by its family office group.

 

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