BofA Merrill head of EMEA wealth management resigns

LONDON, Oct 21 (Reuters) - Bank of America Merrill Lynch (BAC.N) said on Wednesday it was seeking a new head of wealth management for Europe, the Middle East and Africa to replace Eva Castillo, who plans to leave in December.

BofA Merrill, with $1.5 trillion under management, recently overtook UBS (UBSN.VX) as the world's largest wealth manager following massive outflows from the Swiss bank's core wealth division in the aftermath of the subprime crisis. [nL3697356]

UBS currently manages $1.3 trillion in assets for wealthy clients.

Staff at the bank were notified of Castillo's resignation on Wednesday morning in an internal memo by Sallie Krawcheck, president of global wealth and investment management.

"I will work closely with Eva and the team to ensure a smooth transition and will make an announcement regarding her successor in the near future," she said.

Krawcheck's memo said Castillo was leaving to pursue other career and personal opportunities.

Sources at BofA Merrill said Castillo resigned during the summer before Krawcheck took up her post at the bank in August and subsequently agreed to stay in the job until the end of the year. [ID:nN13258217]

Wealth management businesses have risen to prominence in the wake of the financial crisis as banking groups increasingly look to their stable revenue streams to offset more volatile capital markets operations.

Castillo departs after 12 years with the bank. Prior to her current role, she was head of Global Markets and Investment Banking in Iberia and president of Merrill Lynch in Spain, the memo said. (Reporting by Chris Vellacott, editing by Will Waterman)