Merrill Lynch Realigns Retirement Leadership Team
December 8, 2009 -- When Sallie Krawcheck, president of Bank of America Global Wealth & Investment Management (GWIM), named her leadership team in late September, Andy Sieg was hired from Citigroup to lead one of the industry's leading and most innovative retirement businesses - at a time of significant industry evolution. This week, Andy Sieg, head of Retirement & Philanthropic Services (RPS) for Bank of America Merrill Lynch, has realigned his leadership team to help further focus the business on meeting the needs of its personal and institutional clients, and to support strategic growth areas of the business. RPS provides institutional and personal retirement solutions and comprehensive investment advisory and philanthropic services to individuals, small to large corporations, pension plans, endowments and foundations. RPS is responsible for over $450 billion in client assets.
As part of this realignment:
- Kevin Crain will now serve as head of Institutional Client Relationships, responsible for institutional retirement business development as well as client relationship management. With the combined strength, resources and expertise of Bank of America Merrill Lynch, we deliver industry-leading corporate benefit solutions to more than 1,500 plan sponsors and over 4 million employees participating in corporate benefit programs. Crain is also responsible for oversight of legislative and public policy issues pertaining to retirement. Crain previously served as head of plan participant solutions.
- Personal Retirement Solutions business will now expand to include plan participant solutions to help ensure that clients have access to a fully integrated individual retirement platform provided by Merrill Lynch Global Wealth Management. Leading this expanded group, and continuing to report to Sieg, is Aimee DeCamillo, who will continue to serve as head of Personal Retirement, responsible for retirement education and planning, IRA products and rollover process, 401k plan participant solutions, 529 plans, health savings accounts, retirement income solutions and channel management.
- David Roberts has rejoined Bank of America Merrill Lynch as head of Equity Plan Services, responsible for managing the equity plan platform and the executive advisory services program, as well as the non-qualified deferred compensation platform. Roberts will partner closely with DeCamillo and other partners in GWIM to drive wealth management relationships within the equity plan business. The addition of Roberts to the leadership team signifies a commitment to further strengthen the business' equity plan platform and infrastructure - a strategic growth opportunity for GWIM.
The equity plan services team has established Bank of America Merrill Lynch as a leader in this area in recent years, as demonstrated by its No. 1 ranking in overall satisfaction in the 2009 Equity Compensation Plan Administration Study (November 2009) conducted by Group 5, a consulting and marketing research firm in the financial services industry. Bank of America Merrill Lynch serves more than 600 equity plans covering nearly 2.5 million participants in more than 100 countries, including 21 of the Fortune 125 companies (as of Sept. 30, 2009).
Additional members of Andy Sieg's leadership team include:
- Paul Cummings, head of Institutional Investment & Advisory Services
- John Furlong, head of Institutional Benefit Plans
- Cary Grace, head of Philanthropic Management
- Barry Lindenbaum, head of RPS Operations & Technology
- Kabir Sethi, head of Strategy & Institutional Business Office
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