Bank of the West to Hire 100 FAs in Three Years
Regional player the Bank of the West Wealth Management Group is aiming high for expansion in the U.S. market, opening its first office in New York, according to a press release from the firm. The company also plans to add an additional 100 financial advisors in the next three years across the U.S., according to WealthManagement.com.
The new office will be located in the BNP Paribas USA building in Manhattan and will serve business owners, high net worth investors and families in New York and surrounding areas, the company says in its press release. Bank of the West Wealth Management Group is part of BNP Paribas’ global wealth management operations, whose 6,800 financial professionals manage more than $414.7 billion in Europe, Asia and the U.S., the firm says. The U.S. operations are currently a small portion of its overall assets under management, with just over $13 billion, according to the press release.
But Bank of the West Wealth Management Group has already grown substantially since its formation in 2011, when it had $3.5 billion and 6,000 clients, WealthManagement.com writes. It now counts 32,000 clients whose $13.5 billion are overseen by 270 advisors, Pierre Ramadier, head of the group, tells the web publication.
Ramadier plans to increase that to $21 billion by 2020 by growing its current operations in 23 states, according to WealthManagement.com. Aside from the new New York office, however, the company has no plans elsewhere, the web publication writes. The New York office currently only has five advisors, according to WealthManagement.com.