Bank of America Merrill Lynch has reorganized its personal retirement solutions business.
According to an internal memo released late Thursday, the company is restructuring the unit into five areas.
“As part of our ongoing efforts to organize our business and capabilities around client needs and better align with our 2011 strategic growth plans, we are restructuring personal retirement Solutions into five areas of focus to be led by members of the newly named PRS leadership team,” David Tyrie, the head of Bank of America Merrill Lynch’s personal retirement solutions unit, said in the memo.
Surya Kolluri will lead the retirement channel management, which will ensure products are “effectively marketed and delivered to clients through key partners across [BoA’s global wealth and investment managmenet business] and the broader enterprise, including Merrill Lynch Wealth Management, U.S. Trust, Merrill Edge and the consumer bank,” Tyrie said..
Kolluri will also lead a team responsible for the development and execution of BoA’s Workplace Wealth business.
Chuck Toth will head retirement product management, which is responsible for development and ongoing management of BoA’s retirement planning and college savings products and serives. In addition to IRAs and rollovers, wealth transfer and college 529 plans, the retirement product management team will also be responsible for retirement income solutions.
Doug Comer will run the participant education and communication team. This group will be responsible for participant communication including campaigns, platform analytics, educational programs and collateral. This team will focus on connecting participants with BoA’s other financial solutions.
Tyrie said that later this month the company will add Evelyn Varner to run a new initiative called interactive platform management, which will “drive the overall strategy for the online experience of all [personal retirement solutions] clients, including the management of and content development for the Benefits Online platform.
Interactive platform management will also serve as the research and development arm of personal retirement solutions, developing business cases for new products and enhancements.
Varner was responsible for marketing strategy and programs at Monster Worldwide. Prior to Monster, she was vice president of marketing strategy and innovation at Fidelity Investments.