Sallie Krawcheck, head of Merrill Lynch's Global Wealth & Investment Management unit, has named a number of top executives to her new management team.
In a memo distributed internally, Ms. Krawcheck said Lyle LaMothe will continue as head of U.S. wealth management, with responsibility over U.S.-based financial advisors at Merrill Lynch & Co. Inc. and the bank-brokerage unit, Banc of America Investment Services Inc. (To read the full memo from Ms. Krawcheck, which was obtained by InvestmentNews, click here.)
Mr. LaMothe will relinquish responsibility for the U.S. product distribution group, which will be overseen by Chris Dupuy, who will continue to lead Global Investment Solutions, which is responsible for mutual funds, stocks, bonds, new issues, insurance and structured products, as well as manager due diligence and investment implementation.
Mr. Dupuy will also oversee alternative investments, previously run by David Bailin, who is leaving BofA, according to the memo.
John Hogarty is chief operating officer for Ms. Krawcheck's unit, and will lead sales planning, support and resource allocation.
Mark Alexander will be the head of technology and operations for the entire global wealth and investment management operation.
Keith Banks will serve as president of U.S. Trust, and John Thiel will continue to serve as head of Merrill Lynch's Private Banking and Investments Group.
Mike Jones will remain as president of Columbia Management, which is
Bank of America's asset management business. He will report to Mr. Banks.
Dean Athanasia will be responsible for deposit and credit products.
Outside of the U.S., Anthony Hung will continue to serve as the head of the Asia Pacific Wealth Management business, while Brian Sepe will remain in his current post as head of the Latin America and Canadian wealth management operation. Eva Castillo will continue to serve as head of wealth management for Europe, the Middle East and Africa.
In addition, Michael Sullivan will stay on as the head of the global client coverage group.
The only outside hire on Ms. Krawcheck's team will be Andy Sieg, who left
Citigroup last month and will now serve as the head of BofA's retirement and philanthropic services business, as InvestmentNews reported earlier. He will essentially replace Steve Bodurtha, who will retire, according to the memo.
“These leaders will be charged with maintaining the heritage and culture of our organizations,” Ms. Krawcheck said in the memo.
Bank of America acquired Merrill Lynch earlier this year and in August, the bank hired Ms. Krawcheck, a former
Citigroup Inc. executive, to run its global wealth management and investment business.
