Bank of America Corp. said two executives will lead a new effort to better connect its investment-banking business with wealth clients, hoping to boost asset growth and deal opportunities.
Jim Rourke and Michael Liu were named co-heads of private client partnership development, which links Bank of America’s global corporate and investment bank, Merrill wealth management and the Private Bank, according to a memo seen by Bloomberg News.
In their new roles, Rourke and Liu will focus in particular on potential sell-side merger-and-acquisition opportunities, to “increase the quality of actionable mandates and growth of managed assets,” Brendan Hanley and Sam Kumar, co-heads of emerging growth and regional coverage, said in the memo.
Rourke has worked at Bank of America since 2008, most recently in the M&A group, while Liu has been with the firm since 2012 in EGRC, working with regional and private company clients, according to the memo. A company representative confirmed the contents of the memo.
For the biggest US banks, wealth management has been a fast-growing, competitive business. Firms have poured resources into building teams and products, hoping to lure new clients who bring with them business opportunities and additional assets to invest.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
