Bullish indicator. (Wall Street West).

Is U.S. Trust Corp. betting on a stock rebound? The N.Y-based investment management company has leased more office space in Costa Mesa, a sign that it could boost its Orange County wealth management and trust operations when Wall Street shows sustained growth.

The company added 5,000 square feet to its existing 10,000-square-foot operation across from South Coast Plaza--at a time when costs are being cut elsewhere. San Francisco-based Charles Schwab Corp. bought the company in 2000 for a rich $2.7 billion, and some speculate that Schwab, now struggling itself, is looking to trim U.S. Trust's overhead.

"We needed to dramatically increase the pace of change for operational improvements," Schwab co-chief executive David S. Pottruck told Business Week recently, after the company pared some top U.S. Trust executives from the payroll.

U.S. Trust could be counting on Orange County's relative affluence for growth in managed assets, despite making likely cuts elsewhere. The company manages money for clients with a minimum of $2 million in assets to invest. U.S. Trust opened its local doors a decade ago with seven workers. Now with 30 workers, the Costa Mesa office serves clients in Orange County, parts of Los Angeles and San Diego.