Bank of America Corp. said Monday that it will combine its investment management capabilities into a single unit to be led by a team of three executives.
Holly D. Deem, Robert H. Gordon, and Michael E. Kenneally will run the $234.4 billion-asset unit, which has yet to be named.
Ms. Deem, 42, president of Bank of America's institutional investment advisor, the $100 billion TradeStreet Investment Associates Inc., will be responsible for supporting the unit's administration and operation needs. Mr. Gordon, 38, president of NationsBanc Advisors Inc., the advisor to the bank's $68 billion Nations Funds, will be responsible for product development and marketing. He will also head up product distribution.
Mr. Kenneally, 45, president and chief investment officer of Bank of America Investment Management, which manages more than $124 billion for high-net-worth clients, will oversee creation and management of all products. All three will report to Owen G. Shell, president of the bank's Asset Management Group.
Consolidating the investment management responsibilities will "ensure all clients can benefit from all our resources," a spokeswoman said. -- Niamh Ring