Bank of America has named new executives in its art services group that serves wealth management clients across Merrill Lynch and its private bank.

Deborah Larrison has been appointed as a fine art lending executive at BofA, according to the bank. She replaced John Arena, who has left the firm. In her new role, Larrison will help private bank and Merrill clients unlock capital from their art collections, according to the bank. A former chief operating officer at Citi Private Bank, Larrison joined BofA in 2010, initially serving as director of global client coverage. Most recently, she was Northeast divisional structured credit executive, supporting Merrill advisors’ high-net-worth clients, the bank says.

Longstanding art services team member Drew Watson has been named head of art services. Watson replaced Evan Beard, who is leaving the company for an outside opportunity, according to BofA, which says that he is not joining a competitor. Prior to joining BofA, Watson was a business manager at Christie’s in New York.

BofA has also appointed Michael Duffy and Rosemary Ringwald to newly created roles within the art services group. Duffy and Ringwald are now national heads of art and collectibles planning for Merrill and the private bank, respectively.

Other wirehouses have also been ramping up their art-related wealth management efforts. UBS’ new multicultural investors strategic client segment, for example, uses art to create community and bring like-minded investors together. Last year, the segment hosted two small open-air events at Art Basel in Miami Beach, Florida.

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