BofA Revamps Wealth Management Under Sieg, Knox

It also follows the promotion of Merrill's top performers at the end of last year as veteran leaders Bill Lorenz and Paul Lampert planned for retirement. Lindsay Hans and Chandler Root were named division executives in their place.

Keith Glenfield, who continues to lead investment solutions group products and platforms while adding responsibility for personal retirement, joins Sieg's leadership team. Chris Adam, head of personal retirement, will report to Glenfield.

Artificial intelligence has been a driver for the firm as it seeks to expand client engagement. The alternative investment business saw a record $18 billion of client flows last year, according to the company. In response to the demand, the firm is planning on hiring more AI specialists and adding products to the platform.

Also joining Sieg's team is Nancy Fahmy, who will continue to lead alternative investments and the specialty asset management group, adding responsibility for ISG specialists. Brian Partridge, head of ISG specialists, will report to Fahmy, while Chris Hyzy will continue to lead the chief investments office which manages nearly $200 billion in CIO portfolios across wealth management.

Under Knox's expanded role, Randy Takian, head of wealth management banking and lending, will continue to lead the team. Trust specialists will report to Jeff Busconi, head of products, service and platforms for the private bank.

Keith Banks who was vice chairman and head of the investment solutions group since 2017, was named chief investment officer for Bank of America's pension and benefit plan investments, which total over $22 billion, according to the company. Banks will report to Paul Donofrio, former chief financial officer and current vice chair who took responsibility for the plans.

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