BNY Mellon Executives Join Multifamily Office in Southeast US Expansion

Pennington Partners, a multifamily office in the Southeast US, has hired Keith Kellum and Marilyn Santiago from Bank of New York Mellon to expand its presence in the region. The firm aims to cater to successful business owners and multi-generational families moving to the area. As wealth-management professionals leave large banks to join smaller registered investment advisers, Pennington Partners is well-positioned to capitalize on the trend. With a current $4 billion under management and a focus on niche services like succession planning and lifestyle assistance, the firm aims to differentiate itself from larger banks.

Pennington Partners, a multifamily office based in Bethesda, Maryland, has announced the hiring of Keith Kellum and Marilyn Santiago from Bank of New York Mellon (BNY Mellon) to bolster its presence in the Southeast United States. The firm aims to cater to successful business owners and multi-generational families moving to the region [1].

Keith Kellum, who previously led BNY Mellon’s virtual family office practice from Atlanta, and Marilyn Santiago, Miami-based head of the bank’s customer experience for the Southeast, have joined Pennington as partners. Both will continue to operate from their respective cities to assist Pennington in expanding its reach in the region [1].

Pennington Partners is positioned to capitalize on the trend of wealth-management professionals leaving large banks to join smaller registered investment advisers (RIAs). The firm currently manages $4 billion in assets and offers niche services such as succession planning and lifestyle assistance, differentiating itself from larger banks [1].

The acquisition of Kellum and Santiago underscores Pennington’s commitment to building a best-in-class team dedicated to elevating the lives of the families it serves. Santiago, with over two decades of experience in client relationships, will serve as Pennington’s Head of Relationship Management, while Kellum, with extensive experience in active wealth management, will act as a Portfolio Manager [2].

Pennington Partners has seen a surge in personal wealth post-pandemic, which has supercharged the RIA industry. The firm aims to offer integrated solutions across investment management, income and estate planning, governance, wellness, and family office services. The addition of Kellum and Santiago further strengthens Pennington’s position as a trusted partner for wealthy families [2].

The Southeast US has seen an influx of wealthy transplants in recent years, creating opportunities for firms like Pennington Partners to expand. The region's pro-business environment is particularly attractive to successful business owners and executives seeking to relocate [1].

With the hiring of Kellum and Santiago, Pennington Partners continues to grow its client base and asset under management. The firm is well-positioned to capitalize on the trend of wealthy families converting or forgoing single-family offices in favor of multifamily offices or boutique banks [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-09-03/bny-wealth-execs-jump-to-multifamily-office-in-southeast-us-push
[2] https://www.prnewswire.com/news-releases/pennington-partners--co-expands-to-the-southeast-with-addition-of-keith-kellum-and-marilyn-santiago-302545107.html