October 25, 2011 / 8:40 PM / 6 years ago

ON THE MOVE: BNY Mellon hires LA wealth management head

Oct 25 (Reuters) - BNY Mellon’s wealth management unit has hired a new regional president to lead its Los Angeles office, the firm said on Tuesday.

Lawrence Miles, who spent a decade at the boutique investment advisory firm Convergent Wealth Advisors and most recently served as the executive vice president, has joined BNY Mellon’s newly opened Century City office.

Miles’ departure marks the second big move out of Convergent this month, after former co-head Lori Van Dusen left to start her own independent firm in early October.

Miles now reports to the firm’s U.S. Markets-West president, David Emmes.

BNY Mellon’s Los Angeles office’s assets under management have grown by 17 percent year-over-year, Emmes said.

He said the firm also plans to add three more staff members to its Los Angeles office.

BNY Mellon Wealth Management, the New York-based subsidiary of the Bank New York Mellon Corporation , has about $170 billion in private client assets.

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