The executive who lead the buildout of Merrill One is taking over a different pillar of the wirehouse's business. And that's just one of a host of changes under Andy Sieg at the wirehouse.

Elizabeth Dilts of Reuters reports that Lorna Sabbia, head of Merrill Lynch's managed solutions group, will be succeeding Dave Tyrie as head of retirement and personal wealth solutions. (Reuters later posted an updated version of the story.) Keith Glenfield, managing director and head of alternative investments for Merrill, will fill Sabbia's old shoes atop the managed solutions group.

Tyrie, a veteran 401(k) industry executive, will take over retail and preferred products for Merrill parent Bank of America's consumer bank side.

Reuters reports that the moves are part of a broader reorg in wealth management, which is led by Sieg. Chief investment officer Ashvin Chhabra is leaving to run a family office. Chris Hyzy, CIO for the U.S. Trust business, will add the global wealth CIO hat, too, and report to both Sieg and to U.S. Trust president Keith Banks.

Patricio Diaz, formerly chief operating officer of the investment management and guidance business, succeeds Stephen Hostetler as COO for global wealth and retirement solutions. Hostetler is shifting into the strategy, governance and data executive role for BofA's global risk division. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE