Products October 22, 2008

ExpertPlan to Provide 401(k) RK Program for Claymore

Claymore Securities, Inc., tapped recordkeeper ExpertPlan to provide a 401(k) recordkeeping and administration solution that includes access to exchanged-traded funds (ETFs).
Reported by

The private label platform will include ETF-based target date funds that utilize the collective fund structure, according to a news release.

These collective funds provide broad diversification across multiple asset classes with maturities ranging from retirement through 2050 and are available through this product as the qualified default investment alternative (QDIA), the release said.

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Because these collective funds are available on the same 401(k) platform as traditional mutual funds, they are able to trade through this recordkeeping and administration system, according to the release. Financial advisers will have access to a variety of tools, including online proposal generation and marketing support.

“Many advisers have been looking for a solution which provides access to ETFs in retirement plans, and one that can also include mutual funds. With ExpertPlan’s open architecture and the collective funds, there is now a solution for them,” said Mark Tucker, managing director of Claymore Securities, in the news release.

Deals & People October 22, 2008

Bank of America Fills Out Leadership Team

Bank of America today announced that Bob McCann, currently vice chairman and president of Global Wealth Management at Merrill Lynch, will be head of the combined financial adviser organization.
Reported by

Bank of America also announced the other members of the Global Banking, Securities, and Wealth Management leadership team that will be in place when the merge with Merrill Lynch & Co. is complete.

As previously announced, Merrill Lynch Chairman and CEO John Thain will be president of Global Banking, Securities, and Wealth Management (see Thain To Head Wealth Management at Bank of America). Bank of America said the leader of Global Wealth and Investment Management will be determined in the future “as the company works to define the target environment through the transition process.’

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Greg Fleming, currently president and COO of Merrill Lynch, will head Global Corporate and Investment Banking, which will include commercial banking, according to a Bank of America press release. He will operate from New York. David Darnell, currently president of Global Commercial Banking, will continue as head of Global Commercial Banking, reporting to Fleming and will operate from Charlotte, North Carolina.

Tom Montag, currently global head of Sales and Trading at Merrill Lynch, will be head of Global Markets, which includes sales, trading, and research. He will operate from New York. Capital Markets will report to both Montag and Fleming.

Bank of America said Peter Kraus, executive vice president of Global Strategy at Merrill Lynch, decided to leave the company after the merger “to pursue other opportunities.’

Keith Banks, president of Global Wealth and Investment Management at Bank of America, will be head of U.S. Trust and Columbia Management, operating from New York. Cathy Bessant, president of Global Product Solutions at Bank of America, will be head of Global Product Solutions for the combined companies, operating from Charlotte. Jim Kelly, Business Executive—Technology and Operations at Bank of America, will head technology and operations support for all of Thain’s businesses, and will also operate from Charlotte.

“With these talented individuals and others who will be announced as we move forward I am more than ever convinced that we will be the world’s premier financial services company,” Thain said, in the release.

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