(Bloomberg) -- Raphael Zagury, Bank of America Corp.’s head of creating derivative investments for wealthy clients at Merrill Lynch, said he resigned.

Zagury, a managing director who joined Merrill Lynch from Goldman Sachs Group Inc. about five years ago, was in charge of creating customized derivatives for Merrill’s so-called ultra high-net worth clients, according to its website. Before Goldman Sachs, he worked for Safra National Bank.

Zagury confirmed his departure in a brief phone call and declined to comment on the circumstances. Susan McCabe, a spokeswoman for Charlotte, North Carolina-based Bank of America, didn’t immediately return calls or e-mails. The company is the second-largest U.S. lender by assets.

The resignation follows the departure of Lisa Shalett, who was chief investment officer for Merrill Lynch until her exit last month. Shalett was responsible for global investment strategy at the brokerage, home to the so-called Thundering Herd of about 15,000 financial advisers, according to a Merrill Lynch website.

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