BofA's Krawcheck gives Sieg expanded wealth management role

Bank of America Corp.'s retirement services head Andrew Sieg will now be responsible for a unit managing investment products.
JUL 14, 2011
Bank of America Corp.'s wealth- management division President Sallie Krawcheck has given retirement services head Andrew Sieg added responsibility over a unit managing investment products. Sieg, 44, will be in charge of global investment solutions, Krawcheck told employees today in a memo obtained by Bloomberg News. Kunal Kamlani, 38, who joined Bank of America about 15 months ago, has decided to step down as the unit's leader to pursue a career outside the firm, Krawcheck said. He had commuted to New York from Florida, where his family resides. Krawcheck is increasing Sieg's duties about two months after she picked John Thiel over him to become head of the 15,500-person Merrill Lynch brokerage, known as the “Thundering Herd.” The investment group, with about 1,000 employees, oversees products that are linked to nearly half of the wealth division's $16.7 billion in revenue last year. “Andy has done an outstanding job leading retirement services, which is on pace this year to surpass the record growth achieved in 2010,” Krawcheck said in the memo. Krawcheck, 46, hired Sieg in 2009 from Citigroup Inc., where he ran a subsidiary focusing on the newly affluent. Krawcheck ran New York-based Citigroup's wealth-management unit before joining Bank of America in August 2009. The investment group determines the suitability of products such as mutual funds, private-equity holdings and hedge-fund assets for brokerage clients. Kamlani was chief operating officer of Citigroup's brokerage unit and then chief financial officer of Prestige Cruise Holdings Inc. before joining Bank of America last year. Susan Thomson, a spokeswoman for Charlotte, North Carolina- based Bank of America, confirmed the authenticity of the memo and said Sieg's transition would begin immediately. --Bloomberg News--

Latest News

Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans
Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans

Wells Fargo adds two bank-channel recruits, UBS lands a JPMorgan Chase veteran, and a multi-family office lifts Atlas past $1B

Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state
Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state

“The state comes down on you in years when you make 40% returns for clients,” said Bill Swayne, the advisor and son of Candace Swayne.

Osaic in talks with Anthropic as AI reshapes advisor workforce
Osaic in talks with Anthropic as AI reshapes advisor workforce

The Independent broker-dealer giant has had “active conversations” with the Claude maker, which is days away from its expected IPO

The retirement milestone advisors aren't tracking
The retirement milestone advisors aren't tracking

For Gen X clients entering life after work, answering the financial question isn't enough to solve the entire retirement equation.

Wealthtech firms target stock pay, pensions and heirs for advisors
Wealthtech firms target stock pay, pensions and heirs for advisors

Tools from Grantd, Income Lab and Healthspan Wealth aim to keep RIAs involved in clients’ biggest money decisions

SPONSORED Best Practices for Engaging Women Around Alternatives

Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.