March 11 The head of structured solutions for
ultra-wealthy clients at Bank of America Corp's Merrill
Lynch, Raphael Zagury, has resigned from his New York-based
post, a source familiar with his departure said on Monday.
Zagury, who left Merrill on Monday, had been at the firm for
more than five years. It was not known whether he joined another
Zagury oversaw the development of individual structured
solutions, such as customized derivatives products, for the
firm's ultra-high-net-worth clients in the United States. He
joined Merrill in late 2007 from Goldman Sachs, where he worked
with the company's structured solutions group.
Zagury, a chartered financial analyst, was key in developing
Merrill's Market Coverage Group. He reported to Merrill's
markets group leader, Liam O'Neil, who reports to Andy Sieg,
head of the firm's retirement and philanthropic services.
Prior to Merrill and Goldman, Zagury had previously worked
at Safra Bank, where he focused on structured products for
high-net-worth clients in Latin America, and at Paradigma
Capital Management, where he was a portfolio manager for the
Brazil-based hedge fund.
Zagury could not immediately be reached on Monday.
Zagury's resignation follows the departure of former Merrill
Chief Investment Officer Lisa Shalett, who left the firm in
early February. Separately, Rick Galiardo, who
ran the firm's portfolio strategies desk, also departed.