NEW YORK, March 20 Moving to fill gaps left by
the recent departures of three top analysts and strategists in
its global wealth and investment management group, Bank of
America Merrill Lynch named Mary Ann Bartels on Wednesday as
chief investment officer of portfolio strategies for the unit.
She has been with Merrill Lynch for 17 years, most recently
as head of technical and market analysis in Bank of America
Corp's global markets research division. The company has
not yet named her replacement.
She replaces Rick Galiardo in the global wealth group. He
left last month, days after the departure of his boss, Lisa
Shalett, who was chief investment officer for all of Merrill's
wealth management brokerage force. Shalett has
not yet been replaced.
The investment strategy unit last week also lost Raphael
Zagury, who led a team that developed derivatives-based
investment products for what Merrill and other wealth management
firms call ultra-high-net-worth investors, who generally have
$20 million or more of investable assets.
Zagury will join Deutsche Bank AG's private banking group in
three months to focus on developing products for the bank's
wealthy Brazilian clients.
In an internal memo, wealth and retirement products head
Andrew Sieg said Bartels will oversee portfolio strategies,
exchange-traded fund strategies, publications and marketing and
communications for current and new product launches aimed at
advisers and their clients.
Sieg, whose brother Phil heads Merrill's
ultra-high-net-worth unit, expects to announce a full-time
replacement for Shalett as chief investment officer and head of
investment management and guidance "in the coming weeks."