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BofA’s Zagury Quits as Derivatives Chief for Wealthy

Bank of America Corp., the second-largest U.S. lender by assets, earned $2.2 billion at its wealth-management division last year, a 29 percent increase from the previous year as asset management fees rose to a record $6.1 billion. Photographer: Victor J. Blue/Bloomberg
Bank of America Corp., the second-largest U.S. lender by assets, earned $2.2 billion at its wealth-management division last year, a 29 percent increase from the previous year as asset management fees rose to a record $6.1 billion. Photographer: Victor J. Blue/Bloomberg

March 11 (Bloomberg) -- Raphael Zagury, Bank of America Corp.’s head of creating derivative investments for wealthy clients at Merrill Lynch, said he resigned.

Zagury, a 36-year-old managing director who joined Merrill Lynch from Goldman Sachs Group Inc. about five years ago, was in charge of creating customized derivatives for Merrill’s ultra high-net-worth clients, which typically means those with more than $10 million to invest, according to its website. He previously worked for Safra National Bank of New York.

The move is at least the third departure by a senior Merrill Lynch executive since the start of the year. Former Chief Investment Officer Lisa Shalett left last month. Rick Galiardo, global head of advice, guidance and marketing strategy at Merrill, resigned last week, said two people with knowledge of the resignations, who asked for anonymity because they weren’t authorized to speak publicly.

The brokerage has also hired three executives since last October, said Susan McCabe, a spokeswoman for Charlotte, North Carolina-based Bank of America. Matthew Diczok, formerly of Morgan Stanley, was named head of fixed-income capital markets and Sean O’Brien of Getco LLC was hired as head of equities. Bank of America also added Jonathan Miller from Barclays Plc to run equity risk strategies, McCabe said.

Zagury, a Yale School of Management graduate, confirmed his departure and declined to comment on the circumstances. Galiardo didn’t respond to messages seeking comment.

Earnings Increase

Bank of America, the second-largest U.S. lender by assets, earned $2.2 billion at its wealth-management division last year, a 29 percent increase from the previous year as fees from asset management rose to a record $6.1 billion. Zagury reported to Liam O’Neil, who was promoted last year to head of the markets group in wealth management.

Shalett was responsible for global investment strategy at the brokerage, home to the so-called Thundering Herd of about 15,000 financial advisers, according to a Merrill Lynch website. She worked her way from being an analyst at Sanford C. Bernstein & Co. to chief executive officer of the research firm.

Galiardo, who reported to Shalett, was a research director at New York-based Sanford before being hired by Merrill Lynch in 2010.

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

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; Rick Green at rgreen18@bloomberg.net

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