BNY Mellon, which has made a string of hires in the US and overseas in recent months, has promoted two senior managers to run its Eastern and Western Florida offices.

The firm has promoted Joseph Fernandez to a newly created position overseeing BNY Mellon Wealth Management’s Eastern Florida offices. He reports to Craig Sutherland, president of the Southeastern US region, the bank said in a statement yesterday.

BNY Mellon said the state is a key growth market, with the wealth management business having grown its client base by 60 per cent in the past 18 months, and it expects such strong expansion to continue; BNY Mellon has previously announced it wishes to double BNY Mellon Wealth Management’s regional sales force over the next 18 months.

The appointment is part of the firm’s long-term recruiting campaign, which looks to add 50 new sales directors to the advisor force by the end of 2014. Having hired 15 new sales directors in the first six months of 2013, the firm is on track to meet its hiring goal by the 2014 deadline, BNY Mellon has said.

For the bank's operations around the world, including the US, it announced in May a two-year recruiting campaign that will result in the addition of around 100 new positions in the US and abroad, reflecting what the firm described as its “profound commitment” to the wealth management industry. Since the announcement, the firm has made a number of senior hires including in Texas, Seattle, California, Florida and in the Mid-Atlantic region.

Florida moves

“To better align our business with future growth opportunities in Florida’s key wealth markets, we have reorganized the firm’s leadership structure with the creation of two regional president roles in the region,” said Sutherland.

Fernandez has been with BNY Mellon Wealth Management for 15 years. Most recently he served as managing director for Florida. Prior to that, he was team leader in the firm’s Miami office, overseeing the largest team in the region. Previously Fernandez was director of strategic planning for the Wealth Management division.

The firm has also promoted Lisa Simington to a newly created role overseeing BNY Mellon Wealth Management’s Western Florida business, ranging from Naples to Tampa. She will begin transitioning from her current position leading the firm’s private banking effort in the Southeastern US to assume her new position by October 1. Simington also reports to Craig Sutherland.

Simington, who joined BNY Mellon in late 2009, has more than 25 years of experience in financial services, including positions with Wells Fargo and Goldman Sachs. 

“Western Florida is a key growth market for BNY Mellon Wealth Management and assets under management in the region have achieved a combined annual growth rate of more than 80 percent since 2007. Additionally the wealth manager has also tripled its staff in the region and plans to hire another three or four sales directors in the coming year as part of the firm’s previously announced sales force expansion in the US and internationally,” the firm said.

BNY Mellon Wealth oversees more than $175 billion in private client assets, as of June 30.

Earlier this week, the firm said that Don Quattrucci has rejoined BNY Mellon as managing director of business development from US Trust, where he most recently served as managing director and market investment director for two years. Prior to US Trust, Quattrucci had been with BNY Mellon for 17 years in a number of portfolio management leadership roles, including serving as regional president of the firm’s Rhode Island office until 2011.