Merrill Lynch continues management reshuffle

Ken Correa and Erik Vatter

The executive team under Lindsay Hans and Eric Schimpf is taking shape; Ken Correa takes on an expanded role as head of business and client development, while Erik Vatter was named head of advisor development.

Merrill Lynch Wealth Management said Friday said it has revised its roster of senior leadership, almost two months after former head Andy Sieg announced at the end of March that he was leaving the giant firm and returning to Citigroup, where he worked before being hired by Merrill Lynch in 2009.

At that time, Merrill Lynch said Sieg was being replaced by Lindsay Hans and Eric Schimpf, who were tapped to be presidents and co-heads of Merrill Wealth Management. They report to Bank of America chair and CEO Brian Moynihan.

Now, more of the management team under the new regime is taking shape, according to a memo Friday from Merrill Lynch.

“With the appointments of these leaders, Merrill remains well-positioned to drive responsible growth and deliver for our clients, advisors, and partners,” the company said in a statement.

All report to Hans and Schimpf, and all are Merrill Lynch veterans except for Ken Correa, who had worked at UBS Financial Services until 2019.

Correa will continue to lead national recruiting but will take on an expanded role as head of business and client development.

Erik Vatter was named head of advisor development and will lead the firm’s various advisor training programs.

Greg McGauley is now the head of Merrill private wealth management, international and institutional. He has been the leader of the Northeast region of Merrill private wealth management since 2009.

Brian Ludwick was named Pacific Coast division executive; previously, he was the Houston market executive. And Lydia DiClemente was tapped to serve as head of Merrill banking enablement and Merrill financial solution advisors.