Bank of America Merrill Lynch has promoted Keith Glenfield to head of the firm’s Alternative Investments Group, as the firm seeks to expand its growth when it comes to hedge funds, private equity and other alternative investments.
Glenfield will report to Andy Sieg, head of Global Wealth & Retirement Solutions, who announced the appointment in an internal memo to employees on Friday morning.
Glenfield, who has been with Merrill Lynch for 17 years, most recently served as head of business development for Global Wealth & Retirement Solutions Capital Markets, as well as chief operating officer within the Global Wealth & Retirement Solutions.
His new role will focus on providing alternative investment platforms and products—including hedge funds, managed futures, precious metals and private equity—to both advisors and clients.
Currently, about 9,000 of Merrill Lynch’s advisors are qualified to sell investments in alternatives, according to the firm, while about 1,000 advisors are regularly using those investment strategies with ultra high net worth clients. Merrill Lynch’s advisors are required to participate in training and continuing education in order to sell alternative investments.
“Our [alternative investments] business is a strategic focus area representing significant opportunities for growth and innovation,” Sieg stated in the memo. “Alternatives are becoming a more important and accessible component of investment portfolios today for clients across a broader wealth spectrum. Under Keith’s leadership, we will continue to demonstrate our commitment to providing an industry leading [alternative investments] platform.”