Bank of America Private Bank is strategically strengthening its grip in a key wealth market as it appoints a new senior leader to the region.
According to an internal memo reviewed by InvestmentNews, the firm is “making a strategic decision to expand South Florida” by appointing Luke Palacio as its Miami senior market executive.
Palacio’s appointment is an additive one, not a replacement, given the region’s strategic importance to the firm.
Palacio, who brings over 25 years of experience in the financial services industry, will have a crucial role to play as he takes on the responsibility of expanding the bank's business development opportunities with ultra-high-net-worth clients and family offices in the region.
He’s joining Bank of America Private Bank from Citi Private Bank, where he most recently served as managing director and global market manager for the southern United States.
According to his LinkedIn profile, Palacio spent close to 12 years at Citi. Before that, he worked for close to 14 years at JPMorgan Private Bank, where he took on a series of leadership roles in New York, Geneva, and Miami focused mostly on developing the Latin American market.
His extensive experience in the ultra-high-net-worth space, spanning all of 25 years, has allowed him to work with family offices, private equity, and hedge fund firms, particularly within the Miami market.
In his new role at Bank of America Private Bank, Palacio will be reporting to Hong Ogle, the firm’s southeast and southwest division executive.
He will be starting in his new position on October 7.
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