Bank of America Merrill Lynch has named Andy Seig as new head of its wealth management unit, effective 1 January 2017.
He will replace John Thiel, who will become vice chairman of Global Wealth and Investment Management (GWIM).
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Seig, who first joined Merrill Lynch in 1992, currently heads its Global Wealth and Retirement Solutions division. He also currently manages the GWIM Chief Investment Office team together with Keith Banks, president of U.S. Trust.
Thiel, in his new role, will advise Terry Laughlin, Bank of America vice chairman and head of Global Wealth and Investment Management, and the Bank of America and GWIM leadership teams on business integration, goals-based wealth management and regulatory matters.
"Since 2011, under John Thiel’s leadership, Merrill Lynch has made tremendous progress by developing and beginning to implement goals-based wealth management,” Laughlin commented.
“Recognizing that our strategy has been proven and is now being implemented, John came to me and indicated he was thinking about his future and his desire to connect to the other passions in his life, particularly his commitment to working with organizations that help people who are less fortunate. As he considers how he can make his next important contribution, I’m very happy that he’ll be an important advisor to me, the Bank of America and GWIM management teams, and our advisors.”
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By GlobalDataLaughlin added: “Andy Sieg has more than 20 years of experience at Merrill Lynch and has proven to be both a dynamic leader and accomplished at strategy execution. Under Andy’s leadership, we’ll continue to implement our goals-based advice model. He is ideally suited to lead Merrill Lynch on the next phase of its journey.”
