BoA Unveils Six Exec Appointments

Bank of America (BoA) announced Tuesday that it had tapped six executives for posts in the leadership team for its new Global Wealth&Investment Management (GWIM) Alternative Investments group.

A BoA news release said the company had made the following appointments:

  • Spencer Boggess, Director of Hedge Fund Investments. Boggess will oversee ongoing portfolio management, research, performance reporting, database management and standards and practice review for Hedge Fund Investments. Previously, Boggess was the senior vice president of U.S. Trust and CEO of U.S. Trust Hedge Fund Management, Inc. He also serves as the portfolio manager for Excelsior Directional Hedge Fund of Funds, LLC.
  • James Bowden, Director of Private Equity Investments. Bowden will be responsible for managing day-to-day activities within the Private Equity Investments business, including ongoing portfolio management, research, performance reporting, database management and standards and practice review. Bowden formerly assisted in the creation of Bank of America Capital Advisors, LLC and served as its managing director, as well as the manager of Bank of America’s private equity fund-of-funds business.
  • Kathie Andrade, AI Network Executive. Andrade will focus on the development of the Alternative Investment network. Andrade formerly served as national business management executive for The Private Bank of Bank of America. She joined Bank of America in 1986 and has held management roles within finance, technology, sales, and product management teams.
  • Kristina McDonough, Institutional Channel director. McDonough will lead a team focused on developing new, and supporting existing alternative investment programs for institutional clients. McDonough previously served as a managing director of U.S. Trust and headed product management for U.S. Trust’s Alternative Investment Division.
  • Suzanne Sack, U.S. Trust Channel director. Sack will lead a team focused on developing new, and support existing, alternative investment programs exclusively for wealthy clients. Sack formerly served as the northeast regional president of The Private Bank of Bank of America. Before joining Bank of America, she served as director of private client services at Wachovia Securities.
  • Steven Suss, Chief Administrative Officer for Hedge Fund & Private Equity Investments. Suss will manage fund accounting, administrative oversight and tax reporting, as well as client reporting across the AI platform. He formerly served as the chief financial officer and chief compliance officer at Heirloom Capital Management.

“The group unites our alternative investment portfolio management, research and operations capabilities” said David Bailin, head of the GWIM Alternative Investments, in the press release. “We are also enhancing our significant in-house research capability to educate and inform our clients about the most effective ways to use alternative investments in their portfolios.”

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According to the announcement, the group, expanded through the merger with US Trust, is responsible for alternative investment solutions for high net worth, endowment, foundation, pension fund and institutional clients, and currently oversees approximately $6 billion in client assets. With 68 employees, including a team of 22 research staff, the group oversees portfolio management and primary market research for hedge funds, private equity funds, real estate, venture capital and exchange funds.

Three Nicholas-Applegate Managers Form New Asset Management Firm

Three former Nicholas-Applegate portfolio managers have announced the formation of Eudaimonia Asset Management, a majority employee-owned, institutionally-focused investment advisory boutique.

Eudaimonia Asset Management plans to offer an ultra micro cap growth, micro cap growth, and small cap growth products marketed to institutional and high-net worth investors worldwide. The firm anticipates launching its first products in the 4th quarter of 2007.

Firm Founders

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The firm’s founders have more than 20 years of combined experience in small and micro-cap investing while at Nicholas-Applegate, a San Diego firm founded in 1984 and now part of the Allianz Group, according to a press release. The founders of the new firm are:

  • Travis T. Prentice, a former partner, managing director and lead portfolio manager for Nicholas-Applegate’s Micro Cap and Ultra Micro Cap strategies;
  • Montie L. Weisenberger, who was a senior vice president and lead portfolio manager for Nicholas-Applegate’s Traditional Small-to-Mid Cap investment strategy; and
  • Joshua M. Moss, who was a vice president and research analyst on Nicholas-Applegate’s Micro and Ultra Micro Cap strategies.

The Name

Eudaimonia – a classic Greek word that Aristotle described as achieving a unique state of human or life flourishing – being happy, healthy and prosperous and virtuous throughout one’s life, according to a press release – will be based in Encinitas, in the north coast area of San Diego County. The name was chosen to symbolize the philosophy of the firm’s founders about the desired goal for their investors.

In the press release, Prentice said Eudaimonia has selected Roth Capital Partners LLC (ROTH), of Newport Beach, as its financial partner. ROTH is a full-service investment bank focused on the small and micro-cap markets. It offers a range of investment banking services, including raising capital, merger and acquisition advisory services, research, institutional sales and trading, as well as investor conferences. It has raised over $10 billion for small and micro-cap public companies and completed over 135 merger, acquisition and advisory assignments.

Eudaimonia Asset Management is in the process of seeking registration as an investment adviser with the U.S. Securities and Exchange Commission.

For further information, see www.eudaimonia-invest.com, or call 760-519-1508.

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