Bank of America Merrill Lynch (BofA) has appointed Ed Riley and Jonathan Miller to lead a new team catering to ultra-high-net-worth (UHNW) clients.
Riley will work as the head of platforms and originations, an will be responsible for creating investment products. Miller will be the head of coverage of BofA’s markets group, and will deliver them new investement products to financial advisers and clients.
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The moves reinforce the wealth division’s focus on Americans who typically have more than US$10 million in assets to invest, according to BofA. Approximately one-third of assets managed by the lender’s Merrill Lynch unit, reportedly, stem from UHNW clients.
Riley, who has worked at Merrill Lynch for 14 years, had previously run the equity risk management in the global wealth and retirement solutions unit. Miller previously worked with Barclays Plc and switched over in October 2012.
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