Bank of America (BofA) Merrill Lynch Global
Wealth and Investment Management (GWIM) arm reported net income of
$547m –double that of the last quarter of 2011.
GWIM’s net income was comparable to the
year-ago quarter while revenue was down 3% to $4.4bn largely as a
result of lower transactional activity compared to the year-ago
quarter, the BofA said.
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The bank’s assets under management (AuM) were
$693bn, 4% higher than the same quarter last year.
BofA made no reference to speculation that is
poised to put its two non-US wealth managements units up for sale,
speculation it has denied.
Furthermore, total client balances, defined as
assets under management, assets in custody, client brokerage
assets, client deposits and loans, stood at $2.2trn – no change
from the same quarter last year.
Meanwhile, BofA added more than 200 financial
advisers as at 31 March 2012 bringing a total number of financial
advisers to nearly 17, 500.
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By GlobalDataThe total number of client-financial advisers
in GWIM including those financial advisors in consumer and banking
rose for the eleventh consecutive quarter, according to BofA.
