US Trust, Bank of America Private Wealth Management has confirmed to WealthBriefing its new head to replace the outgoing president, as the firm’s parent continues with its $50 billion takeover of Merrill Lynch, due to be completed by the end of this year.

A Bank of America spokesman said that Keith Banks, president of Bank of America’s Global Wealth & Investment Management division, will assume day-to-day leadership of US Trust, effective immediately, taking over from Frances Aldrich Sevilla-Sacasa, US Trust president, who is leaving the firm.

Ms Sevilla-Sacasa is leaving to “pursue other opportunities,” a spokesman for the company said, but he did not elaborate on her plans.

When the Bank of America takeover of Merrill Lynch goes through on 30 December, Mr Banks will be head of Global Private Client, Institutional and Investment management.

The company said that Mr Banks has announced he will streamline some of the firms divisions “to position the organization for greater growth.”

Reporting to Mr Banks are the following US Trust leadership team members, including: Mick Ankrom, credit and banking executive, Doug DiVirgilio, Southeast division executive, Chris Hyzy, investment strategies executive, which now includes wealth structuring and specialty asset management, Ann Limberg, Northeast division executive, which includes the combined Metro-Atlantic and
New England divisions, Tim Maloney, Central division executive, Thong Nguyen, Fiduciary Solutions executive, and Tracey Warson, West division executive.

In addition, after the BoA/Merrill transaction is completed and Mr Banks becomes head of global private client, institutional and investment management, the following individuals will report to Mr Banks: Steve Bodurtha, head of Institutional Retirement & Philanthropy, Mike Jones, who will continue to serve as president of Columbia Management, David Bailin, head of alternative investments asset management, and Dick Silverman, business development executive.

Bob McCann, vice chairman and president of Merrill Lynch Global Wealth Management, will be head of Merrill Lynch Global Wealth Advisors, working alongside Mr Banks, after the end of the year. As a result of the combination of these two

US firms, the enlarged company will have almost 20,000 financial advisors worldwide.