Former Merrill Retirement Head to Run Citi Investment Unit

Two months after his announced retirement from Bank of America Merrill Lynch, Steve Bodurtha has joined Citi Private Bank as managing director and head of investment for North America.

Bodurtha most recently served as head of Institutional Retirement, Philanthropy & Investments for Bank of America Merrill Lynch. The firm announced in September that he would retire after 23 years at Merrill (see “BofA Brings in New Heads for Retirement, Wealth Management”). Shortly before Merrill was acquired by Bank of America, Bodurtha took over Merrill’s Retirement Group. Previously he was head of Investments, Wealth Management & Insurance at the firm.

In his new role, Bodurtha will be responsible for managing the investments platform for Citi Private Bank across the U.S. and Canada, according to Citi. He will report to both Peter Charrington, CEO of Citi Private Bank in North America and Shantanu Rastogi, global head of Investments.

“We are delighted to have someone of Steve’s capability and expertise joining us as we expand our investments offering and build the most sophisticated platform for high-net-worth clients,” said Charrington. “His experience and leadership will be critical as we enhance existing capabilities and build the top investment talent in the industry.”