Meet the new co-heads of Merrill Lynch as Andy Sieg exits to jump-start Citi's wealth business
Two Merrill executives, including one just promoted to lead private wealth, are replacing Sieg.Bank of America said on Thursday that Andy Sieg, the president of Merrill Lynch Wealth Management who has steered the sprawling business at a time when it faces fierce competition from rival banks and independently run wealth firms to advise affluent customers, would step down.
Sieg is leaving for rival bank Citi, where he faces a big challenge when he starts in September: improving Citi's wealth business, which has lagged behind competitors like Merrill and Morgan Stanley Wealth Management. Two Merrill executives, Lindsay Hans and Eric Schimpf, will replace Sieg and report to Bank of America Chief Executive Brian Moynihan, the bank said in a press release. Hans was promoted to head of private wealth last month and joined the company in 2014 from UBS. Schimpf was previously a division executive and a co-head ofA Bank of America spokesperson declined to specify who would replace Hans and Schimpf in their prior roles.
New battles await both Sieg at Citi, where he will be head of Citi Global Wealth, and his successors at Merrill. The landscape for wealth management has been competitive, with an array of large independent players, known as registered investment advisors, challenging the banks with the largest financial advisor forces: Merrill, Morgan Stanley, UBS, and Wells Fargo. The industry as a whole is trying to position itself to capitalize on a tremendous transfer of wealth between generations.
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