BofA Has Management Changes in Retirement, Investment Units

Andy Sieg, head of global wealth and retirement solutions (GWRS) at Bank of America Merrill Lynch, has announced a series of changes to his leadership team.

David Tyrie, previously head of retirementand personal wealth solutions, will now lead the retail and preferred products division in Bank of America’s consumer banking organization. He reports to Dean Athanasia, president of preferred and small business, and Thong Nguyen, president of retail banking.

Taking over from Tyrie, Lorna Sabbia will lead the retirement business as head of retirement and personal wealth solutions. As head of managed solutions, Sabbia drove extraordinary progress, including the creation and implementation of Merrill Lynch One, the largest and most successful investment advisory platform launch in industry history.

Keith Glenfield replaces Sabbia as head of the managed solutions group. Glenfield has been with Merrill Lynch for 20 years, and he will drive continued strategic progress and growth as he has done over the past three years in the alternative investments business.

Nancy Fahmy, taking over from Glenfield, will be the new head of alternative investments. She was previously head of private equity origination and technical sales, where she led record-setting performance results and fostered key relationships with alternative asset managers and advisers.

Patricio Diaz will be the chief operating officer (COO) for GWRS. Diaz joined Merrill Lynch in 2007 and has deep international and structured products experience. Most recently, he served as COO for the investment management & guidance business.

Liam O’Neil continues in his role as head of the GWRS Markets Group and will remain focused on maximizing the value of our extraordinary Bank of America Merrill Lynch capital markets franchise and capabilities for its advisers and clients.

Chris Hyzy will lead the newly created global wealth and investment management (GWIM) chief investment office, reporting jointly to Andy Sieg and U.S. Trust President Keith Banks. In addition to his new role, Hyzy remains chief investment officer for U.S. Trust. Under a simplified structure, the Merrill Lynch and U.S. Trust Chief Investment Offices will be brought together, combining the best thinking of both organizations to help advisers provide clients with relevant insights and actionable ideas.

Ashvin Chhabra, former chief investment officer and head of investment management and guidance for Merrill Lynch Wealth Management, recently announced his decision to leave the firm and pursue a new opportunity, running a family office.