BOSTON (Reuters) - BNY Mellon's (BK.N: Quote, Profile, Research, Stock Buzz) wealth management division is planning to increase its sales force by as much as 100 percent in the next few years as it aggressively expands in the fast-growing $100 trillion industry, a top executive said.
"We are adding on the sales side right now and I would imagine we will increase the numbers by 50 percent to 100 percent over the next years," David Lamere, chief executive officer at BNY Mellon Wealth Management, told the Reuters Wealth Management Summit on Wednesday.
BNY Mellon, which was created this year when the Bank of New York acquired Mellon Financial, expects to employ over 100 full-time sales people by the end of 2007, raising the number from about 90 sales people now.
While the company has been historically strong in the United States, Lamere said it also wants to flex its muscle overseas. "Over the next three to four years, I see us adding people internationally," Lamere said.
BNY Mellon, like its rivals, faces the challenge of hiring from a limited industry talent pool but Lamere said the focus at BNY Mellon is more on grooming its internal staff and looking to alternate industries instead of poaching other bank's wealth management teams.
"We are less aggressive in trying to lift out individuals who can bring a boat load of clients with them," Lamere said.
(Reporting by Svea Herbst-Bayliss)
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