Financial institution of America is bolstering its wealth administration crew, together with tapping Ed Riley because the capital markets head of its Funding Options Group. Riley rejoins BofA after six years at Citi Wealth.
In that function, Riley will lead a crew growing capital markets options for Merrill Wealth and Financial institution of America Personal Financial institution advisors and shoppers. Riley will probably be primarily based in New York and report back to ISG Head Nancy Fahmy.
“Our capital markets capabilities are a key differentiator and assist shoppers handle danger and pursue their funding goals,” Fahmy stated. “Ed brings a robust monitor report of operating markets companies, main groups and implementing progress methods throughout consumer segments.”
Earlier than leaving for Citi in 2018, Riley spent practically 20 years at Financial institution of America and Merrill, ultimately changing into head of markets product origination within the agency’s World Wealth & Funding Administration division. At Citi Wealth, Riley ultimately attained the function of head of wealth markets for the Americas, specializing in ultra-high-net-worth shoppers.
Jessica Mullin, who has 18 years of business expertise, can also be becoming a member of ISG as a capital markets strategist from her former function as head of capital markets gross sales at UBS. Mullins will probably be primarily based in New York and work with advisors and UHNW shoppers on capital markets methods. ISG sits between Merrill and Financial institution of America Personal Financial institution to help the agency’s wealth administration shoppers.
Mullin will report back to Rob Romano, the top of capital markets investor options. Earlier this week, Romano was additionally named the top of BoA’s new advisory group catering to UHNW shoppers. The group will probably be primarily based in Merrill Wealth, and the roughly 25 specialists will assist advisors and shoppers with wants particular to their scenario, together with loans and property planning.
In accordance with Romano, the variety of shoppers with greater than $10 million in property is “quickly rising,” and that group “requires a level of customization and personalization, given there’s extra complexity to the monetary circumstances of these shoppers.”
In final 12 months’s third quarter earnings, Merrill Wealth underscored the increase in shoppers with vital property regardless of its whole variety of web new shoppers staying fairly fixed. Merrill noticed the variety of web new $10 million-plus shoppers double year-over-year, in line with Merrill Co-President and Co-Head Lindsay Hans.
Final November, former Merrill Wealth Head John W. Thiel introduced he would launch unbiased RIA Indivisible Companions in 2025’s first quarter. The RIA launched this week and recruited its first advisor crew, Woodring I LeRoy Capital Advisors, a New York-based crew with about $640 million in consumer property.
