The Glenmede Trust Company, a wealth manager with $40 billion in assets, is opening an office in West Palm Beach, Fla., joining a growing list of firms looking to solidify or expand their presence in South Florida.
Last week, the parent company of Forbes Family Trust and LGL Partners agreed to buy another multifamily office to expand its footprint in Florida. That was shortly after Goldman Sachs Private Wealth Management, the investment bank’s advisory business that caters to the ultra-high-net-worth, named a new regional head in South Florida where he said the company sees opportunity.
The new Glenmede office will be the privately held and independently owned company’s first in the state.
Founded in 1956 to be the trustee and administrator of The Pew Memorial Trust, the primary funding source for the nonprofit now known as The Pew Charitable Trusts, Glenmede and Pew split into separate entities in 2004. Sine then, Glenmede has remained the trustee and grown. It now provides wealth and investment management to nearly 2,000 families and charitable organizations.
For at least part of the year, Florida is home to many existing clients of the firm and Glenmede wanted to formalize its presence in the state, said Howard Wilson, who will head the new office as the executive director of relationship management. Before his new role, Wilson held the same position at the firm’s office in Philadelphia. The company also has offices in New York, Cleveland, Washington, D.C., Wilmington, Del., Princeton, N.J. and Morristown, N.J.