Hung, 50, will pursue alternative professional interests, said the memo from Sallie Krawcheck, president of global wealth and investment management, and Brian Brille, president of Asia- Pacific operations. The contents of the memo were confirmed by Hong Kong-based spokesman Rob Stewart.
Bank of America ousted UBS AG as the world’s biggest wealth manager in 2008 after buying Merrill Lynch & Co., and retained its top position last year, according to London-based research firm Scorpio Partnership. The Merrill Lynch unit managed about $1.4 trillion of client assets as of the first half of this year.
Hung joined Merrill Lynch in 1993 in fixed-income sales covering Greater China. He became sole head of the debt, commodities and currencies businesses for Asia-Pacific in 2007, and was appointed to his current position a year later to bolster business from high net worth clients in the region.
Wilson So, head of North Asia global wealth management, will serve as interim head for Asia-Pacific wealth management, the memo said.
Hung wasn’t immediately available at his office to comment.
To contact the reporter on this story: Joyce Koh in Singapore at email@example.com