Investment bank and wealth manager Oppenheimer & Co has opened a new office in Nashville, Tennessee as part of its ongoing expansion strategy.

The firm named executive director Phil Hall as the branch manager of the new office.

Hall will also be responsible for overseeing the expansion of the firm’s wealth management business in the area.

Oppenheimer & Co Private Client Division executive vice-president Ed Harrington said: “We are delighted to establish a presence in Nashville. The firm’s comprehensive wealth management offerings and capital markets expertise is a perfect fit for the city’s rapidly expanding population, burgeoning economy and deep pool of professional talent.”

The move comes as Oppenheimer & Co seeks to bolster its presence in the ‘economically vibrant markets’ in the US.

The firm, a principal subsidiary of Oppenheimer, offers a spectrum of wealth management, securities brokerage and investment banking services to high net-worth (HNW) individuals, families, corporate executives, local governments, businesses and institutions.

Commenting on the Nashville office, Hall said: “I’m thrilled to be a part of Oppenheimer’s expansion into Nashville. This is a market I know well, and the firm is a great match for the current growth trajectory of the city, which, now more than ever before, has an acute need for our services.”

Last month, a report by Bloomberg said that Goldman Sachs is opening an office in Monaco as part of a strategy to expand its European operations.