Merrill Wealth Chief Sieg Jumps to Citigroup
Replacing him at Merrill's wealth unit, which had assets of $2.8 trillion last year, will be Lindsay Hans and Eric Schimpf.
Andy Sieg, the head of Bank of America Merrill Wealth Management since 2017, has left the firm and is set to join Citigroup in six months. At Citi, he will be in charge of the Global Wealth unit.
Sieg initially came to Merrill Lynch in 1992. He left to work for Citi from 2005 to 2009, when he rejoined Merrill.
“This is a fantastic opportunity to build a leading wealth management business at the world’s most global bank at a time of massive wealth creation worldwide. There is a transformation underway at Citi, and I am excited about becoming part of a team that’s driven to deliver for clients, colleagues and shareholders,” Sieg said in a statement.
Citigroup’s global wealth management business had assets under management of $746 billion at the end of 2022, down 8% from 2021.
“Andy’s decision to join Citi sends a strong signal about the potential of our wealth proposition and the attractiveness of our unique global offering,” according to Citi CEO Jane Fraser.
Sieg “is required to take a six-month leave before starting his new role, so he will begin in September,” Fraser said in a note shared with Citi staff. “Jim O’Donnell will continue as head of [the] wealth until Andy starts. Jim will then transition fully into his new role as executive vice chairman of Citi and head of Senior Client Engagement.”
“Growing [the wealth unit] is a core pillar of our strategy and will improve our business mix by adding more fee-based revenue and drive improved returns,” she explained. “In my conversations with Andy, it is clear to him that our team is on a mission to transform Citi — and he is highly driven and motivated to play a central role in our firm’s leadership.”
Merrill’s New Leaders
Replacing Sieg at Merrill Wealth will be co-heads Lindsay Hans (above left) and Eric Schimpf. Hans began her work for the firm in 2014, while Schimpf started his career as a Merrill financial advisor in 1994.
Merrill’s client balances totaled $2.8 trillion as of Dec. 31, 2022, according to the bank. BofA ended 2022 with 19,273 advisors across its global wealth and consumer banking operations; this was up 427 advisors from late 2021.
“Lindsay and Eric have excelled as leaders, delivering outstanding results for our advisors and clients. I’m looking forward to them building on the success and long tradition of Merrill in the years ahead,” BofA Chair & CEO Brian Moynihan said in a statement.
Hans most recently served as head of Merrill’s Private Wealth Management, International and Institutional business. Schimpf held several leadership posts within the wealth business, including head of the Southeast and Pacific Coast regions.
The two wealth co-heads will join BofA’s executive management team and oversee more than 25,000 Merrill employees.
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In 2022, Merrill Wealth had full-year revenue of $18.1 billion. It also added 25,000 net new households last year, including 8,500 in the fourth quarter, up 27% from a year earlier.
Over the past five years, the total number of clients served by Private Wealth Management advisors grew by more than 30%, while client balances within the business increased 46%, according to the company.