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October 15, 2024 at 11:20 AM
The combined assets of Bank of America’s retail channel, private bank and Merrill Wealth Management reached $5.9 trillion as of the end of the third quarter.
This figure was reported Tuesday by Lindsay Hans and Eric Schimpf, presidents and co-heads of Merrill Wealth Management, on a quarterly earnings call. They noted that Merrill Wealth Management now boasts $3.5 trillion in client balances, showing the business has experienced 18% year-over-year growth.
Private bank assets amount to another $667 billion, according to Hans and Schimpf, following 16% year-over-year growth.
The executives reported revenue of $5.8 billion, which is up 8% from last year, supported by $3.5 billion in asset management fees, which have grown 14% from a year ago. Net income grew 3% over the year to reach $1.1 billion.
Hans and Schimpf said the revenue and income momentum is based on growth in both new clients and assets under management. Within wealth management, the firm added a reported 5,500 net new relationships in the third quarter, with the added assets of $10 million in the quarter doubling the figure from a year earlier.
