Bank of America has launched, Family Wealth Advisors, an extension of its private bank, to provide products and services to ultra-high net w...

Bank of America has launched, Family Wealth Advisors, an extension of its private bank, to provide products and services to ultra-high net worth individuals and families with at least $50 million in investable assets. The business will be rolled out to seven markets during the year: New York, where a team is already in place, Boston, Los Angeles, San Francisco, Chicago, Dallas and South Florida.

The business is headed by Alan Rappaport, who says that while the private bank has traditionally handled these clients, Family Wealth Advisors will allow BofA to focus more intently on the segment and to grow it faster.

The bank will add personnel from within the private bank and externally as it develops the business and will look to expand into other geographical area as demand grows.

The launch of Family Wealth Advisors was prompted by last year's acquisition by BofA of FleetBoston Financial, which expanded the bank's footprint into key wealth markets in the Northeast US and created the need for a more specialized service. More than 20,000 households in the US now qualify for the service according to the bank.

BofA private bank serves clients with investable assets of over $3 million. It had $170 billion in assets under management at the end of 2004