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Bank of America Asia-Pacific Wealth Head Hung Quits

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Sept. 3 (Bloomberg) -- Antony Hung, head of Asia-Pacific wealth management at Bank of America Corp.’s Merrill Lynch unit, is retiring after almost 18 years with the company, according to an internal memo.

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.

“We’re just at the beginning of the growth that will continue for the next 10 to 20 years, and the organic growth will be significant,” Hung said in a telephone interview, referring to Asia’s wealth management industry. “I left behind a very strong team and business, which I think they are going to take forward.”

Hung said he will be on leave for the next six months, before announcing his next move.

Asia’s wealth may grow at double the global pace over the next four years, according to a Boston Consulting Group report published in June.

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 the Asia-Pacific region in 2007, and was appointed to his current position a year later to bolster business from high net worth clients in Asia.

Wilson So, head of North Asia global wealth management, will serve as interim head for Asia-Pacific wealth management, according to the memo.

To contact the reporter on this story: Joyce Koh in Singapore at jkoh38@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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