Sunday, November 10, 2024
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Financial institution of America Names Leaders to Higher Align Funding Financial institution, Wealth


(Bloomberg) — Financial institution of America Corp. stated two executives will lead a brand new effort to raised join its investment-banking enterprise with wealth shoppers, hoping to spice up asset development and deal alternatives. 

Jim Rourke and Michael Liu have been named co-heads of personal consumer partnership improvement, which hyperlinks Financial institution of America’s world company and funding financial institution, Merrill wealth administration and the Personal Financial institution, in line with a memo seen by Bloomberg Information.

Of their new roles, Rourke and Liu will focus specifically on potential sell-side merger-and-acquisition alternatives, to “improve the standard of actionable mandates and development of managed belongings,” Brendan Hanley and Sam Kumar, co-heads of rising development and regional protection, stated within the memo.

Rourke has labored at Financial institution of America since 2008, most lately within the M&A gaggle, whereas Liu has been with the agency since 2012 in EGRC, working with regional and personal firm shoppers, in line with the memo. An organization consultant confirmed the contents of the memo. 

For the most important US banks, wealth administration has been a fast-growing, aggressive enterprise. Corporations have poured assets into constructing groups and merchandise, hoping to lure new shoppers who convey with them enterprise alternatives and extra belongings to speculate.

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