Deals & People January 6, 2009

McCann Exits Merrill after Bank of America Takeover

Robert McCann, the vice chairman of the wealth management division at Merrill Lynch&Co. Inc., will be replaced by Dan Sontag, according to published reports.
Reported by

The announcement of McCann’s departure comes days after Bank of America Corp. officially acquired Merrill Lynch January 1 (see “Merrill Lynch Stockholders Approve BoA Deal’). When the leadership of the combined firm was announced in October, McCann was named as head of the combined financial adviser organization (see “Bank of America Fills Out Leadership Team’).

John Thain, president of Bank of America’s global banking securities and wealth management division (and former Merrill chief executive), delivered the news about McCann via an internal memo, according to published reports (see “Thain to Head Wealth Management at Bank of America’).

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McCann will be succeeded by Sontag, a deputy who oversees Merrill’s brokerage operations in the U.S. and Latin America, Bloomberg reported.

McCann helped craft a broker retention package unveiled in October, which was criticized by some for not rewarding lower-producing brokers (see “BoA, Merrill Retention Package Rewards Top Producers’).

McCann has been with the firm since 1982, briefly leaving in 2003, according to reports.

Products January 6, 2009

Albridge To Provide Reporting Statements for Enterprise Advisers

Albridge Solutions, a PNC Global Investment Servicing company, and Enterprise Financial Services Corp are teaming up to provide financial advisers consolidated statements and wealth reporting capabilities, the companies said.
Reported by

The Albridge Wealth Reporting Web-based portfolio accounting and performance reporting application will be made available to Enterprise Bank & Trust’s financial professionals through Albridge’s data management and wealth reporting platform, according to a release.

Through this technology, Enterprise Bank & Trust’s financial professionals can generate on-demand, personalized performance reports; produce consolidated client statements and access a consolidated view of their clients’ net worth across multiple accounts, according to the release. Albridge, a wealth management technology provider, also expanded its trust reporting capabilities by establishing a direct data connection to the Sungard Charlotte trust management platform. Enterprise Bank & Trust is the first firm to receive reconciled and consolidated trust information through this connection.

In addition to portfolio performance reporting, Enterprise Bank & Trust will implement Albridge’s client data integration solution, AppLink, the release said. This technology allows Enterprise Bank & Trust’s advisers to integrate client data and connect with third-party software that supports financial planning, investment research, and client presentations.

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Enterprise Financial operates commercial banking and wealth management businesses in metropolitan St. Louis and Kansas City and a loan production office in Phoenix, with the intent to establish a de novo Arizona state bank charter in 2009. The company is primarily focused on privately held businesses, their owner families, executives, and professionals.


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