TAG Associates, a multi-family office, is set to expand its presence in the US with the opening of a new office in South Florida.

To be situated in West Palm Beach, the office represents the firm’s first location beyond New York.

TAG Associates president Jonathan Bergman is supervising the launch of the upcoming office. Bergman will look after the office along with the New York branch, once its opened.

The company plans to include additional employees in the next few months.

Bergman said: “Florida is the fastest growing market for ultra-high net worth individuals and families.

“We see an opportunity to put down our own roots, tap into a market with few true multi-family office options, and grow our rapidly expanding business in the Sunshine State.”

Currently, TAG Associates provides personalised wealth management offerings to families with over $10m of assets.

The wealth management firm is said to handle over $9bn in client assets.

TAG Associates CEO David Basner said: “As ultra-high net worth individuals and families of all ages and backgrounds continue to migrate to Florida, we have increasingly been investing time and effort toward supporting them there.

“A Florida office will give us a presence in a substantial and growing market.

“This is a natural extension of our business and will provide us with ease and proximity to advise existing and new client relationships.”