BofA bags $2.7B powerhouse advisor from Citi

Bank of America's private wealth unit has scored a huge win at Citi's expense as it welcomes a multibillion-dollar advisor in the Southeast.

Bank of America Private Bank announced Thursday that Austin Koenen will join its Atlanta office as a private client advisor. Koenen will be responsible for providing wealth management services, including investing, philanthropy, credit, and financial planning, to ultra-high-net-worth families across Georgia, South Carolina, and the broader Southeastern region.

Koenen brings over two decades of financial services experience to the role, including positions in both private and investment banking. Most recently, he worked at Citi Private Bank, where he managed a portfolio valued at $2.7 billion.

His BrokerCheck profile shows that prior to Citi, he was registered with JP Morgan for five years, before which he was a Hong Kong-based broker with Lehman Brothers, which collapsed along with other storied institutions during the 2008 financial crisis.

Koenen got his start in the industry with Morgan Stanley in 1999.

“Austin’s depth of experience and commitment to serving clients makes him an outstanding fit to support the evolving needs of ultra-high-net-worth families in the region,” Hong Ogle, Southeast/Southwest division executive at Bank of America Private Bank said in a statement. “We are thrilled to continue strengthening our presence in the Southeast amid significant wealth transfer and creation.”

In August, Bank of America Private Bank tapped an executive from Citi Private Bank with 25 years of experience to lead its strategic expansion in South Florida's wealth market.

The firm has more than 4,000 professionals across 100 offices in 42 US markets. The firm currently manages $640 billion in client balances as of June 30, 2024.