Merrill Wealth Management has launched a new team, Merrill Lending Solutions Group, to unify advisor and client lending activities across the firm's core products and accelerate lending adoption.
Kurt Niemeyer, a veteran Bank of America lending executive, will lead the new team, reporting to Greg McGauley, who heads Merrill Private Wealth Management, International and Institutional.
“HNW and UHNW clients are increasingly seeking strategic credit solutions to unlock capital to grow, preserve and pass down their wealth,” McGauley said. “By pairing our sophisticated lending capabilities with the formation of this new group, Merrill will be in an even stronger position to meet the evolving needs of clients.”
The firm also is introducing a Merrill lending specialist role, senior bankers focused on increasing advisor engagement and client adoption. The specialists will work alongside BofA credit executives and enterprise client teams.
“Backed by Bank of America’s lending expertise and platform, the formation of the Merrill Lending Solutions Group rounds out our delivery model by bringing together traditional investments, including alternative investments, banking solutions, and lending, under one cohesive experience,” said Eric Schimpf, Merrill Wealth Management president and co-head.
BofA’s wealth management businesses, including Merrill and Bank of America Private Bank, serve $241 billion in client loans.
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