Bank of America of Charlotte, N.C. is consolidating its institutional investment management.
The company announced Aug. 23 that it was combining four of its institutional affiliates that fall under the bank's Asset Management Group. The new unit has not been given a name, according to a Bank of America spokesperson.
The four Bank of America affiliates are money managers Boatmen's Capital of St. Louis, Mo., Chicago Equity Partners of Chicago, Sovereign Capital of Richmond, Va., and TradeStreet Investment Associates of Charlotte, N.C., said Ann Anderson, the spokesperson.
"This new group will enable us to utilize our considerable investment management capabilities to ensure that clients benefit from all of our resources," said Owen Shell, president of the Asset Management Group, in a statement.
Executives from several Bank of America affiliates will manage the new group. The affiliates are TradeStreet, which runs $78 billion in institutional money; Bank of America Investment Management, which manages $124 billion for high-net-worth clients, and NationsBanc Advisors, which runs the $68 billion Nations Funds.
Holly D. Deem, president of TradeStreet, will be responsible for administration and operations. Robert H. Gordon, president and director of NationsBanc Advisors, will be responsible for product development, marketing and distribution and Michael E. Kenneally, president and chief investment officer for Bank of America Investment Management, will be responsible for product management.
Deem, Gordon and Kenneally have been given new responsibilities but have not been given new titles, Anderson said.
Anderson did not know the size of the new unit that will be created, but the Asset Management Group runs $234 billion in assets. Bank of America runs $614 billion in total assets.
Bank of America was created by the merger of BankAmerica Corp. of San Francisco and NationsBank Corp. of Charlotte in the fall of 1998.