Bank of America is launching a private banking unit for ultra-high-net-worth investors.

Family Wealth Advisors will focus on delivering products and services to people and families with $50 million or more of investable assets, the company said.

Alan Rappaport is to head the new unit as chairman. Rappaport and Jane Magpiong, the private bank's president, continue to report directly to Brian Moynihan, the president of global wealth and investment management.

The private bank has more than $170 billion of assets under management.

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