BofA names new wealth team

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.