BofA Says Riley, Miller to Lead Team in Wealth-Unit Revamp

Bank of America Corp., the second- biggest U.S. lender by assets, said Ed Riley and Jonathan Miller will lead a new team catering to ultra-high-net-worth clients.

Riley was named head of platforms and originations and Miller head of coverage, according to an employee memo sent today from Liam O’Neil, leader of the firm’s markets group. Riley is responsible for creating investment products and Miller delivers them to financial advisers and clients, O’Neil said today in a telephone interview.

The moves reinforce the wealth division’s focus on Americans who typically have more than $10 million in assets to invest. About one-third of assets managed by the Charlotte, North Carolina-based company’s Merrill Lynch unit stem from ultra-high-net-worth clients, according to O’Neil.

“They have different needs in terms of the way their wealth is structured,” O’Neil said. “We might do something on a customized basis for them because they have a philanthropic strategy, or want a particular way to structure their legacy.”

Riley, who has worked at Merrill Lynch or Bank of America for 14 years, had previously run equity risk management in the global wealth and retirement solutions unit. Miller joined from Barclays Plc in October.

To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.