Bank of America Asset Management Group has named Robert Morgenthau, the former head of the high-net-worth group and global marketing for Lazard Asset Management, as president of the firm's private advisory services unit, which caters to wealthy investors.
The private advisory services unit currently manages more than $100 billion for more than 80,000 high-net-worth private bank clients. Those clients have access to products managed by Banc of America Capital Management, the bank's investment management division, which has more than $280 billion in assets under management. As president of private advisory services, Morgenthau will be in charge of the unit's roughly 200 private bank portfolio managers. He will report to both Michael Kenneally, president of Banc of America Capital Management, and Alan Rappaport, president of the private bank.
Morgenthau had spent ten years with Lazard, where he was responsible for the firm's global high-net-worth businesses and institutional marketing. Before joining Lazard, he served as senior VP of the high-net-worth group at Shearson Asset Management, where he began as an equity trader.