![A pedestrian shelters from the rain beneath an umbrella as she walks past the King Edward Street entrance to the Bank of America Merrill Lynch Financial Centre in London, U.K., on Thursday, Oct. 9, 2014. Norway's sovereign wealth fund Norges Bank Investment Management, the world's largest, agreed to buy the Bank of America Merrill Lynch Financial Centre in London for 582.5 million pounds ($944 million) as it expands its bet on the U.K. capital. Photographer: Chris Ratcliffe/Bloomberg](https://arizent.brightspotcdn.com/dims4/default/c3dbfe7/2147483647/strip/true/crop/4000x2641+0+0/resize/740x489!/quality/90/?url=https%3A%2F%2F1.800.gay%3A443%2Fhttps%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F20%2Fde%2F863d088c406eb39a1721d2bb8b9e%2F230631098.jpg)
Merrill Wealth Management has named Lindsay Hans as the new head of its Private Wealth Management, international and institutional groups following its announcement last week that
Hans was previously the division executive for the Northeast division at Merrill. Her role will be replaced by Keith Glenfield, who was the head of Investment Solutions & Personal Retirement at Merrill. Glenfield's role in turn will be filled in by Nancy Fahmy, who was the head of alternative investments and specialty asset management. Fahmy will retain her old position, but her new title will be head of Investment Solutions.
The changes are effective immediately, a company spokesperson said in an email Monday.
"Lindsay, Keith and Nancy are top-performing leaders who will continue to advance our modern Merrill strategy in these expanded roles," Andy Sieg, the president of Merrill Wealth Management, said in a statement. "Their leadership, knowledge and strong relationships across Bank of America and the broader industry will help us drive responsible growth and deliver for our clients, advisors and partners."
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At Merrill, the private wealth management unit caters to clients who usually have at least $10 million of investable assets — the ultrahigh net worth, in most cases. A team of 200 advisor teams, together with specialists in topics such as portfolio management, concentrated stock management and estate planning, supports these clients.
In a
The business grew considerably under Plaus's leadership since 2017. Its total number of clients grew over 30% and client balances grew 46% during that time, the company said.
In Florida, an area of special focus for the firm as the number of ultrarich people decamping from New York to the Sunshine State continues to grow, Merrill Private Wealth Management
Hans formerly served as division executive for the Mid-Atlantic division and was also a market executive leading the Philadelphia Metro Complex, according to her
Glenfield will be leading business integration across Merrill, the company spokesperson said. He is also the chair of the board of governors for the Money Management Institute.
Fahmy is on the board of The Institute for Portfolio Alternatives. She also serves on the Limited Partner Advisory Council for Sponsors for Educational Opportunity and is a member of the Women's Leadership Council.
"Over the past five years, alternative investment assets at the firm have doubled and the number of advisors who utilize AI solutions has increased by 33%," the company spokesperson said in an email, referencing the alternatives unit under Fahmy. It added that she had led that unit to record growth.
The company declined to make executives available for interviews.