Citi nets another U.S. Trust private banking exec

Citi Private Bank announced today that it's hired yet another executive from U.S. Trust, the wealth management arm of Bank of America Corp.
JUN 10, 2010
Citi Private Bank announced today that it’s hired yet another executive from U.S. Trust, the wealth management arm of Bank of America Corp. Charles Merrill, a namesake but no relation to one of the founders of Merrill Lynch & Co. Inc., is set to join Citigroup Inc. in July as a managing director and New York regional executive. He’ll replace Leslie Bains, who will return to her old job as head of client development. Mr. Merrill, 61, will report to Peter Charrington, chief executive of Citi Private Bank in North America. U.S. Trust has been fertile recruiting ground for Citi recently, as it expands its force aggressively. In fact, just this week, Citi hired Daniel Williams from U.S. Trust as a managing director and private banker based in Manhattan. And in March, Citi recruited Todd Devin as a private banker for its Palm Beach, Fla. office. Over the next few years, Citi Private Bank, which targets clients who have $25 million in investible assets and above, plans to double its number of private bankers, The Wall Street Journal reported in March. A spokesman for Citi Private Bank, Mark Costiglio, confirmed that figure today. At U.S. Trust, Mr. Merrill was managing director and New York market executive. Before joining Bank of America in 2002, he spent 12 years with Merrill Lynch in New York, most recently in the high-net-worth-focused Private Client Group.

Latest News

Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team
Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team

Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.

SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures
SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures

Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.

Private capital's $1 trillion bet on the American retirement account
Private capital's $1 trillion bet on the American retirement account

From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.

Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May
Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May

Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.

Why uncertainty is making behavioral coaching more valuable than ever
Why uncertainty is making behavioral coaching more valuable than ever

Markets have always been unpredictable. What has changed is the amount of information investors are trying to process and the growing role advisors play in helping clients avoid emotional decisions

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management