B of A Promotes Investment Exec To Head Revamped Private Bank
CHARLOTTE, N.C. - Holly D. Deem, a seven-year veteran of Bank of America Corp., has been named president of the company's private banking division.Ms. Deem was president of TradeStreet Investment Associates Inc., a Bank of America subsidiary, since 1998. As head of private banking, she will oversee 250 domestic and international private bank portfolio managers. The unit has $120 billion of assets under management.
Bank of America said in November that it was combining its asset management operations - which include the private bank - under a single name, Banc of America Capital Management. The move consolidated operations that the company acquired through various acquisitions, including Boatmen's Capital Management, Sovran Capital Management, and TradeStreet.
- Louis Whiteman
First Union Equities Unit Hires Reps for Institutional Sales Force
BALTIMORE - First Union Securities said Thursday that it hired several senior sales executives for its equities sales group, increasing the geographic coverage of its institutional clients.All those hired report to Clinton Daly, head of equity institutional sales.
Three people have joined as senior salesmen for New York accounts. Matt Snyder joins from Jefferies & Co., and Brian Fitzgerald joins from CIBC World Markets. Beau Volley comes from Deutsche Banc Alex.Brown, which lost more than 30 people from its Baltimore office last August to First Union, including the person who became head of First Union's equities capital markets group, Mickey Misera.
Kevin Marra was named senior salesman for accounts in the mid-Atlantic and New York. He joins from Robinson-Humphrey Co. Liam Healy will cover Midwest accounts. He comes from ABN-Amro NV. Chuck Gulledge, formerly of Preferred Capital Markets, will cover the West Coast.
Chase Signs Tex. Firm to 10-Year Pact to Improve Energy Efficiency
NEW YORK - Chase Manhattan Corp. has arranged a $750 million outsourcing contract with a unit of Houston-based Enron Corp., which will process the banking company's utility bills and provide advice on energy issues.The 10-year arrangement with Enron Energy Services is part of a continuing effort at Chase to cut administrative costs. Two years ago the $406 billion-asset banking company consolidated many of its staff and administrative functions under a new business unit, Chase Business Services. That unit was set up to find ways to cut the costs of supporting Chase's operations around the globe.
Enron Energy Services will also study ways to make Chase's 860 offices worldwide, including branches and operations centers, more energy efficient.
