(Bloomberg) — Bank of America Corp . said two executives will lead a new effort to better connect its investment-banking business with wealthy 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 Private Banking, according to a memo seen by Bloomberg News.
In their new roles, Rourke and Liu will focus specifically on potential sell-side M&A opportunities to “enhance the quality of operating mandates and the growth of assets under management,” Brendan Hanley and Sam Kumar, co-head of developing countries. growth and regional coverage, the memorandum states.
Rourke has worked at Bank of America since 2008, most recently in the M&A group, while 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 largest US banks, wealth management has been a competitive and fast-growing business. Firms have poured resources into building teams and products, hoping to attract new customers who bring with them business opportunities and additional assets to invest.