Bank of America Merrill Lynch is to make
Steven Niemczyk part of the company's Global Corporate & Investment Banking business as global head of Asset Management Investment Banking. The appointment is effective from June.

Mr Niemczyk has been global head of Asset Management Investment Banking at UBS in

London. He will relocate to

New York and report to
Michael Rubinoff, head of Global Financial Institutions Corporate & Investment Banking.

"Bank of America and Merrill Lynch have long been leaders in advising and raising capital for financial institutions," said Brian Moynihan, president of Global Banking and Wealth Management. "Steve has over 20 years of experience in financial services investment banking. His hire underscores the combined firm's continued commitment to this important client sector."

"We expect to see more consolidation and increased capital needs among financial institutions, including asset managers," said Mr Rubinoff. "Steve's expertise in advising asset management companies is a vital addition to our team."

From 2001 to 2006, Mr Niemczyk was a managing director in Morgan Stanley's Financial Institutions group in
New York and

London. Prior to this Mr Niemczyk was a general partner at Lazard Freres & Co from 1990 to 2001 where he was a member of the Supervisory Board, the Opinion Committee and the Lazard/Daiwa SBCM Steering Committee.

Bank of America has been seeking a buyer for First Republic Bank since February, according to the Wall Street Journal. The paper reported last week that the bank also plans to sell Columbia Management, the asset manager it acquired five years ago, in a bid to preserve capital and offload non-core assets.