As Bank of America Merrill Lynch continues to streamline its business, it has created a new global wealth and retirement solutions organization, said Andrew Sieg, who heads the new unit, in an internal memo to employees on Friday.

The new organization is a combination of Bank of America Merrill Lynch’s previous global investment solutions and retirement services teams. The new organization aims to provide clients and financial advisors with improved access to products and services, Sieg said in the memo.

“We have created a streamlined structure for the new organization to better align our businesses with fast-growing market segments and more quickly translate our capabilities and intellectual capital into powerful solutions for our clients,” Sieg said.

Sieg’s role at Bank of America Merrill Lynch was expanded in June to also lead the firm’s global investment solutions unit in addition to his role as head of retirement services.  Now with this move, Sieg brings those two groups and the firm’s products and services more closely together.

Sieg’s announcement comes just two days after U.S. wealth management head John Thiel announced that he was streamlining Bank of America Merrill Lynch’s leadership ranks in the United States. The move had been in the works for months, and also ties in with recent moves by Bank of America Chief Executive Brian Moynihan to streamline the firm’s leadership from the top.

With the new organization, Sieg also announced the organization’s new leaders that report directly to him.

Lorna Sabbia now leads the managed solutions group and focuses on its innovation and strategy. Reporting to Sabbia are Gene Mulligan, a previous group leader who remains a senior member of the managed solutions group team; Pete Thatch and the group he leads, the global funds team; and John Pavese and his group, the investment partner relationship management team.

Global wealth management Chief Investment Officer Lisa Shalett now serves as the head of the investment management and guidance group, which will work to make near and longer term portfolio views work better together, according to Sieg. With that move, Rick Galiardo and the portfolios strategies desk joins that group and reports to Shalett.

Liam O’Neil now serves as the global banking and markets relationship manager for the global wealth and retirement solutions organization. O’Neil will continue to serve as the head of the market linked investments group. Jay Hanlon will also continue to lead the capital markets group.

Kevin Crain will now serve as a head of the institutional and retirement benefit services business, focusing on the institutional market and the institutional investment consulting business. The institutional market focuses on 401(k), defined benefit, non-qualified deferred compensation and equity compensation programs.

Employees reporting to Crain include: Steve Ulian, who will now lead the large market client team; Joe Mrozek, who will lead the middle market client team; and Tom McAuliffe, who will lead the institutional consulting group. In addition, Rick Irace joins the institutional retirement and benefit services business taking over Ulian’s lead position over that business’s product platform.

Rich Linton now serves as head of business retirement solutions. Linton’s role will include small business retirement products including the Advisor Alliance 401(k) program, and working with the consumer and business banks to expand advisory offerings to small businesses. Reporting to Linton is Tom Joseph, who also joins the team.

David Tyrie has been appointed the head of the new personal wealth and retirement group, which combines teams from the client solutions group and the personal retirement solutions. The new group will be responsible for 529, IRA and annuities and insurance products. The combined team will focus on the high net worth market and opportunities stemming from changing demographics and retirement, Sieg said.

Justin Ferri now leads alternative investments and select client solutions, while continuing to work on bringing products and services from all areas of the organization to the ultra high net worth market. Ferri will work with Liam O’Neil and Raphael Zagury to expand the ultra desk and trading strategies serving ultra high net worth clients.

Mark Curtis will continue to serve as head of international investment solutions, focusing on bringing the firm’s global investment product platform to advisors and clients internationally.

Keith Glenfield now serves as chief operating officer of the global wealth and retirement solutions business. He reports to John Hogarty, chief operating officer of global wealth and investment management.

Barry Lindenbaum now serves as head of technology and operations for the retirement business, and will work with institutional clients. He works with Bill Bridy, who still serves as head of operations for investment solutions. Both Lindenbaum and Bridy report to Mark Alexander, chief information officer for global wealth and investment management.