BofA names new wealth team

Bank of America appoints Moynihan and Sevilla-Sacasa to head a wealth team that incorporates U.S. Trust Corp.
MAY 17, 2007
Bank of America Corp. has unveiled the leadership for the combined business to be created through its acquisition of U.S. Trust Corp. The Global Wealth & Investment Management business, which includes its Private Wealth Management, Alternative Investments, and Columbia Management units, will be headed by Brian Moynihan, the president of the Global Wealth & Investment Management business. The new Private Wealth Management unit will be led by Frances Aldrich Sevilla-Sacasa and will serve clients with more than $3 million in investable assets, nationwide. The division will be made up of five regional executives and heads of Private Wealth Management, Investments Specialized Solutions, Wealth Structuring, Credit Banking & Delivery, Client & Business Management and Business development. The Alternative Investment Business will be headed by David Bailin and will be responsible for product and portfolio management of alternative investment solutions offered to clients at Bank of America, including hedge funds, private equity, real estate and exchange funds investing. Columbia Management Group Inc., Bank of America's Boston-based asset management organization that creates and distributes proprietary investment products for retail, wealthy and institutional clients will retain Keith Banks as its president. The name of the new entity is to be announced. The deal is expected to close early in the third quarter.

Latest News

Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans
Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans

Wells Fargo adds two bank-channel recruits, UBS lands a JPMorgan Chase veteran, and a multi-family office lifts Atlas past $1B

Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state
Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state

“The state comes down on you in years when you make 40% returns for clients,” said Bill Swayne, the advisor and son of Candace Swayne.

Osaic in talks with Anthropic as AI reshapes advisor workforce
Osaic in talks with Anthropic as AI reshapes advisor workforce

The Independent broker-dealer giant has had “active conversations” with the Claude maker, which is days away from its expected IPO

The retirement milestone advisors aren't tracking
The retirement milestone advisors aren't tracking

For Gen X clients entering life after work, answering the financial question isn't enough to solve the entire retirement equation.

Wealthtech firms target stock pay, pensions and heirs for advisors
Wealthtech firms target stock pay, pensions and heirs for advisors

Tools from Grantd, Income Lab and Healthspan Wealth aim to keep RIAs involved in clients’ biggest money decisions

SPONSORED Best Practices for Engaging Women Around Alternatives

Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.