Bank of America is bolstering its wealth management team, including tapping Ed Riley as the capital markets head of its Investment Solutions Group. Riley rejoins BofA after six years at Citi Wealth.
In that role, Riley will lead a team developing capital markets solutions for Merrill Wealth and Bank of America Private Bank advisors and clients. Riley will be based in New York and report to ISG Head Nancy Fahmy.
“Our capital markets capabilities are a key differentiator and help clients manage risk and pursue their investment objectives,” Fahmy said. “Ed brings a strong track record of running markets businesses, leading teams and implementing growth strategies across client segments.”
Before leaving for Citi in 2018, Riley spent nearly 20 years at Bank of America and Merrill, eventually becoming head of markets product origination in the firm’s Global Wealth & Investment Management division. At Citi Wealth, Riley eventually attained the role of head of wealth markets for the Americas, focusing on ultra-high-net-worth clients.
Jessica Mullin, who has 18 years of industry experience, is also joining ISG as a capital markets strategist from her former role as head of capital markets sales at UBS. Mullins will be based in New York and work with advisors and UHNW clients on capital markets strategies. ISG sits between Merrill and Bank of America Private Bank to support the firm’s wealth management clients.
Mullin will report to Rob Romano, the head of capital markets investor solutions. Earlier this week, Romano was also named the head of BoA’s new advisory group catering to UHNW clients. The group will be based in Merrill Wealth, and the approximately 25 specialists will help advisors and clients with needs specific to their situation, including loans and estate planning.
According to Romano, the number of clients with more than $10 million in assets is “rapidly growing,” and that group “requires a degree of customization and personalization, given there is more complexity to the financial circumstances of those clients.”
In last year’s third quarter earnings, Merrill Wealth underscored the boost in clients with significant assets despite its total number of net new clients staying reasonably constant. Merrill saw the number of net new $10 million-plus clients double year-over-year, according to Merrill Co-President and Co-Head Lindsay Hans.
Last November, former Merrill Wealth Head John W. Thiel announced he would launch independent RIA Indivisible Partners in 2025’s first quarter. The RIA launched this week and recruited its first advisor team, Woodring I LeRoy Capital Advisors, a New York-based team with about $640 million in client assets.