Bank of America has announced the leadership for its new Global Wealth & Investment Management alternative investments group which, expanded through the acquisition of U.S.
Bank of America has announced the leadership for its new Global Wealth & Investment Management alternative investments group which, expanded through the acquisition of U.S. Trust, is responsible for alternative investment solutions for high net worth, endowment, foundation, pension fund and institutional clients.
The group currently oversees approximately USD6bn in client assets. With 68 employees, including a team of 22 research staff, the GWIM alternative investments group oversees portfolio management and primary market research for hedge funds, private equity funds, real estate, venture capital and exchange-traded funds. David Bailin, head of the combined alternative investments group, reports to Brian Moynihan, president of Bank of America Global Wealth & Investment Management.
‘The group unites our alternative investment portfolio management, research and operations capabilities,’ Bailin says. ‘It will continue our commitment to provide Bank of America clients with industry-leading alternative investment opportunities.
‘We have independent teams dedicated to our high net worth and institutional clients, providing access to investment talent across the broad range of alternative investments via a unique mix of products. We are also enhancing our significant in-house research capability to educate and inform our clients about the most effective ways to use alternative investments in their portfolios.’
As director of hedge fund investments Spencer Boggess will oversee ongoing portfolio management, research, performance reporting, database management and standards and practice review for hedge fund investments, and is also the portfolio manager for the Excelsior Directional fund of hedge funds. He was previously a senior vice-president of U.S. Trust ands chief executive of U.S. Trust Hedge Fund Management, and earlier was co-director of research at CTC Consulting.
James Bowden, director of private equity investments, will be responsible for managing day-to-day activities within the private equity investments business, including ongoing portfolio management, research, performance reporting, database management and standards and practice review. He was previously involved in the establishment of Bank of America Capital Advisors and served as its managing director, and as the manager of Bank of America’s private equity fund of funds business.
Alternative Investments network executive Kathie Andrade will focus on the development of the alternative investment network, which will bring together all the bank’s alternative investment resources and ensure access for clients to the full range of alternative investment opportunities created or sourced by Bank of America. Ms. Andrade formerly served. Andrade joined Bank of America in 1986 and has held management roles within finance, technology, sales, and product management teams, most recently as national business management executive for Bank of America’s private banking business.
As institutional channel director, Kristina McDonough will head a team focused on developing new, and supporting existing, alternative investment programmes for institutional clients. McDonough was previously a managing director of U.S. Trust and headed product management for U.S. Trust’s alternative investment division. Earlier she was head of US and co-head of global marketing and client services in the alternative investments group at HVB, following spells with Credit Suisse, Lipper and Citigroup.
Suzanne Sack, U.S. Trust channel director, will lead a team focused on developing new, and support existing, alternative investment programmes exclusively for wealthy clients. She was previously the northeast regional president of Bank of America’s private bank, having been director of private client services at Wachovia Securities.
As chief administrative officer for hedge fund and private equity investments, Steven Suss will manage fund accounting, administrative oversight and tax reporting as well as client reporting across the alternative investments platform. He was previously chief financial officer and chief compliance officer at Heirloom Capital Management.
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company serves clients in 175 countries and has relationships with 98 percent of the US Fortune 500 companies and 80 percent of the Global Fortune 500.
