The Glenmede Trust Company, an independently owned investment and wealth management firm, has announced plans to set up its first office in Florida early next year.

The launch of the new office in West Palm Beach is said to be driven by an anticipated growth in demand for the region’s services following the current tax rule overhaul, growing economy and changing client preferences.

At present, the firm works with local Florida-based intermediaries and industry professionals.

Among the services to be offered by the new location include wealth planning, investment management, impact investing, as well as trust and estate services.

The Florida office will be headed by Glenmede executive director of relationship management Howard (Chip) Wilson. Wilson will be regional director of the Florida branch.

The opening of the Florida office will increase Glenmede’s branch network to eight. The firm’s other offices are located in Pennsylvania, New York, Washington DC, Delaware, Ohio and New Jersey.

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“Florida remains a prominent market for Glenmede, with many existing clients residing in the state on a full-time or seasonal basis. By formalising our presence in the region, we deepen our commitment to serving the changing needs of current clients and also steadily grow the number of new relationships that will naturally result from our on-the-ground presence,” Wilson stated.

Glenmede caters to HNWIs, family offices, endowment, foundation and institutional clients. The business oversees $40bn in assets.