Bank of America Corp., the second- biggest U.S. lender by assets, said Ed Riley and Jonathan Miller will lead a new team catering to ultra-high-net-worth clients.
Riley was named head of platforms and originations and Miller head of coverage, according to an employee memo sent today from Liam ONeil, leader of the firms markets group. Riley is responsible for creating investment products and Miller delivers them to financial advisers and clients, ONeil said today in a telephone interview.
The moves reinforce the wealth divisions focus on Americans who typically have more than $10 million in assets to invest. About one-third of assets managed by the Charlotte, North Carolina-based companys Merrill Lynch unit stem from ultra-high-net-worth clients, according to ONeil.
They have different needs in terms of the way their wealth is structured, ONeil said. We might do something on a customized basis for them because they have a philanthropic strategy, or want a particular way to structure their legacy.
Riley, who has worked at Merrill Lynch or Bank of America for 14 years, had previously run equity risk management in the global wealth and retirement solutions unit. Miller joined from Barclays Plc in October.