Merrill Lynch names new head of alts group

Bank of America Merrill Lynch has named a new head of its Alternative Investments Group, as demand from its advisers for alternatives is expected to double assets over the next three to five years. Keith Glenfield, former chief operating officer of Global Wealth & Retirement Solutions, started in the new role this week.
OCT 19, 2012
Bank of America Merrill Lynch has named a new head of its Alternative Investments Group, as demand from its advisers for alternatives is expected to double assets over the next three to five years. Keith Glenfield, former chief operating officer of Global Wealth & Retirement Solutions, started in the new role this week. Merrill Lynch advisers have approximately $45 billion in alternatives today, with $25 billion in private placements and $20 billion in alternatives mutual funds. Andy Sieg, head of GWRS, expects those assets to double over the next three to five years. “We see alternatives as a space that will enjoy very strong growth,” he said in an interview. “Clients are using them for a host of reasons, from diversification to enhanced returns.” The demand also has led the brokerage to begin publishing a “nontraditional mutual funds” guide to help educate advisers about the strategies. Alternatives mutual funds are seeing faster growth than traditional alternatives at Merrill Lynch, thanks to the liquidity and slightly lower pricing. However, private equity, which is available only through private placements, has seen the biggest increase in use among Merrill Lynch advisers, Mr. Sieg said. “Our sales in private equity will raise about 70% more in capital than last year,” he said. He declined to disclose the exact figures.

Latest News

Supreme Court blocks Trump's bid to fire Fed Governor Lisa Cook
Supreme Court blocks Trump's bid to fire Fed Governor Lisa Cook

A 5-4 ruling preserves the Federal Reserve's independence for now, but the legal fight over presidential removal power is far from settled.

Morgan Stanley boosts returns on client cash, analyst says
Morgan Stanley boosts returns on client cash, analyst says

For years, large firms have been facing penalties and questions from regulators over interest rates for clients’ cash accounts.

Volatility has been roiling the markets. But advisors have got the tools to deal with it
Volatility has been roiling the markets. But advisors have got the tools to deal with it

Market volatility can be stressful, but it also represents opportunity for advisors and their clients.

JPMorgan's succession clock is ticking — and this time, insiders say it's real
JPMorgan's succession clock is ticking — and this time, insiders say it's real

After years of mixed signals and shifting timelines from Jamie Dimon, Wall Street sources suggest the race to lead JPMorgan Chase has entered its decisive stretch.

How FINRA's updated gift rule forces firms to rethink compliance workflows
How FINRA's updated gift rule forces firms to rethink compliance workflows

Advisors and broker-dealers adjusting to the March 2026 threshold change face bigger challenges around back-end monitoring than the new dollar limit itself.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.