The executive who lead the buildout of Merrill One
is taking over a different pillar of the wirehouse's business. And that's just one of a host of changes under Andy Sieg
at the wirehouse.
Elizabeth Dilts of Reuters reports
that Lorna Sabbia
, head of Merrill Lynch's
managed solutions group, will be succeeding Dave Tyrie
as head of retirement and personal wealth solutions. (Reuters
an updated version of the story.) Keith Glenfield
, managing director and head of alternative investments for Merrill, will fill Sabbia's old shoes atop the managed solutions group.
Tyrie, a veteran 401(k) industry executive, will take over retail and preferred products for Merrill parent Bank of America's
consumer bank side.
reports that the moves are part of a broader reorg in wealth management, which is led by Sieg. Chief investment officer Ashvin Chhabra
is leaving to run a family office. Chris Hyzy
, CIO for the U.S. Trust
business, will add the global wealth CIO hat, too, and report to both Sieg and to U.S. Trust president Keith Banks
, formerly chief operating officer of the investment management and guidance business, succeeds Stephen Hostetler
as COO for global wealth and retirement solutions. Hostetler is shifting into the strategy, governance and data executive role for BofA's global risk division.
Neil Anderson, Managing Editor
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