Bank of America said two executives will lead a new effort to better connect its investment-banking business with wealth clients, hoping to boost asset growth and deal opportunities.
Jim Rourke and Michael Liu were named co-heads of private client partnership development, which links Bank of America's global corporate and investment bank, Merrill wealth management and the private bank, according to a memo seen by Bloomberg News.
In their new roles, Rourke and Liu will concentrate in particular on potential sell-side merger-and-acquisition opportunities, to "increase the quality of actionable mandates and growth of managed assets," Brendan Hanley and Sam Kumar, co-heads of emerging growth and regional coverage, said in the memo.
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Rourke has worked at Bank of America since 2008, most recently in the M&A group, and Liu has been with the firm since 2012 in EGRC, working with regional and private company clients, according to the memo. A company representative confirmed the contents of the memo.
For the biggest U.S. banks, wealth management has been a fast-growing, competitive business. Firms have poured resources into building teams and products, hoping to lure new clients who bring with them business opportunities and additional assets to invest.
