(Bloomberg) — Financial institution of America Corp. mentioned two executives will lead a brand new effort to raised join its investment-banking enterprise with wealth shoppers, hoping to spice up asset progress and deal alternatives.
Jim Rourke and Michael Liu have been named co-heads of personal consumer partnership growth, which hyperlinks Financial institution of America’s international company and funding financial institution, Merrill wealth administration and the Personal Financial institution, based on a memo seen by Bloomberg Information.
Of their new roles, Rourke and Liu will focus specifically on potential sell-side merger-and-acquisition alternatives, to “improve the standard of actionable mandates and progress of managed property,” Brendan Hanley and Sam Kumar, co-heads of rising progress and regional protection, mentioned within the memo.
Rourke has labored at Financial institution of America since 2008, most not too long ago within the M&A bunch, whereas Liu has been with the agency since 2012 in EGRC, working with regional and personal firm shoppers, based on the memo. An organization consultant confirmed the contents of the memo.
For the most important US banks, wealth administration has been a fast-growing, aggressive enterprise. Corporations have poured assets into constructing groups and merchandise, hoping to lure new shoppers who carry with them enterprise alternatives and extra property to take a position.
