Bank of America is broadening the responsibilities of its wealth management chiefs, in part by giving them more control over in-house products and services used by financial advisors, according to news reports.
Andy Sieg, president of Merrill Lynch Wealth Management, will now also oversee BofA’s Investment Solutions Group — which oversees separately managed accounts and alternative investments, among other investment offerings — as well as its Personal Retirement Group, Barron’s writes.
Meanwhile, Katy Knox, president of the Private Bank, is now also tasked with overseeing BofA’s Wealth Management Banking and Lending unit as well as its trust specialists team, according to the publication.
The move comes as financial advisors increasingly turn to model portfolios, alternatives and other investment offerings, Barron’s writes. Model portfolios, for example, are popular with advisors because they’re “easy to use, have low costs, and are aligned with the overall investment outlook of the firm,” Sieg said, according to the publication.
BofA’s Chief Investment Office already directly oversees $200 billion worth of model client portfolios, he added, according to Barron’s.
Keith Banks — vice chairman and head of ISG since 2017 — is now chief investment officer for BofA’s pension and benefit plan investments, the publication writes.
Sieg, meanwhile, will now also oversee Keith Glenfield, who’ll continue heading ISG Products and Platforms; Nancy Fahmy, who oversees Alternative Investments and the Specialty Asset Management Group; and Chris Hyzy who continues leading the Chief Investments Office, according to Barron’s.
In addition, Randy Takian, chief of Wealth Management Banking and Lending, will report to Knox, the publication writes.
Do you have a news tip you’d like to share with FA-IQ? Email us at firstname.lastname@example.org.