BankAmerica Corp. has renamed its asset management organization for private banking clients.
Bank of America Investment Management, known until last month as Private Investments, manages more than $120 billion of assets for the banking company's wealthiest clients.
The moniker Private Investments-used by the predecessor NationsBank Corp. -was obscure, said Michael E. Kenneally, president of Bank of America Investment Management.
The St. Louis-based division will phase in the new name. The NationsBank brand name predates the Sept. 30 merger of NationsBank of Charlotte and the old BankAmerica of San Francisco.