BofA Re-emphasizes Retirement in Unit Merge

The institutional, personal retirement and preferred segment solutions teams are being folded into one organization at Bank of America, and named retirement and personal wealth solutions.

According to an internal memo, the restructuring is to maximize capabilities and take “a holistic approach to serving clients and advisers.” David Tyrie, most recently head of personal wealth and retirement, will lead the division. Tyrie has been with Bank of America since early 2010. (See “BofA Merrill Lynch Hires Head of Personal Retirement Services.”) He was originally head of personal retirement services, and has remained in the division through restructurings. (See “B of A Creates Global Wealth and Retirement Solutions Divisions.”)

Kevin Crain moves to the newly created role of senior relationship executive, serving as liaison to select mega-market retirement and benefit plan clients. He will work in partnership with the institutional client relationship team and continue working closely with the global commercial bank, business bank and market president leadership teams, and will also partner with the government relations team on public policy matters related to retirement. He will report to Tyrie.

Tom Halloran will remain head of the preferred segment solutions team, which is now part of retirement and personal wealth solutions. Steve Ulian, Rick Irace and Joe Mrozek, who are on the retirement and benefits services leadership team, will continue to support clients and the business in their current roles. All report to Tyrie.