(Bloomberg) — Bank of America Corp. revamped leadership in its wealth-management business, placing more responsibilities on current chiefs Andy Sieg and Katie Knox.
Executives said in an interview on Thursday that some product teams were moved under Sieg and Knox to better align them with customer needs. The changes came into force with immediate effect.
Sieg, president of Merrill Lynch, is now responsible for investment solutions and individual retirement groups. Knox, president of the private bank, adds responsibility to the wealth-management banking and lending strategy unit and trust specialist team.
“These changes are about streamlining our money-management businesses and bringing product capabilities closer,” Sieg said in an interview.
The adjustments come as demand for advisors climbs and banks consolidate businesses that serve affluent clients. Bank of America reported record year-over-year growth in its wealth management businesses, including a $20.7 billion increase in revenue and $4.3 trillion in client balances at the end of 2021.
Bank of America’s improvement is “accelerating the growth we’ve already seen and moves us closer to customer delivery,” Knox said.
It also follows Merrill’s promotion of top performers late last year as veteran leaders Bill Lorenz and Paul Lampert made retirement plans. Lindsey Swan and Chandler Root were named division executives in their place.
Read more: Merrill headed again with Lorenz and Lambert set to retire
Keith Glenfield, who continues to lead the Investment Solutions Group’s products and platforms while adding responsibility for individual retirement, joins Sieg’s leadership team. Chris Adams, Head of Individual Retirement, will report to Glenfield.
Artificial intelligence has been a driver for the firm as it seeks to expand client engagement. According to the company, the alternative investment business saw customer inflows of a record $18 billion last year. In response to demand, the firm plans to hire more AI experts and add products to the platform.
Also joining Sieg’s team is Nancy Fahmy, who will continue to lead the Alternative Investments and Specialized Asset Management Group, adding responsibility for ISG experts. Brian Partridge, Head of ISG Experts, will report to Fahmi, while Chris Haige will continue to lead the Chief Investment Office, which manages nearly $200 billion in wealth management in the CIO portfolio.
Under Knox’s expanded role, Randy Taqian, Head of Wealth Management, Banking and Lending, will continue to lead the team. Trust experts will report to the private bank’s Head of Products, Services and Platforms, Jeff Busconi.
Keith Banks, who was vice president and head of Investment Solutions Group since 2017, was named chief investment officer for Bank of America’s pension and benefit plan investments, which according to the company total more than $22 billion. The bank will report to former chief financial officer and current vice president Paul Donofrio, who took charge of the plans.