This week, consulting firm Capgemini and private wealth manager Merrill Lynch Wealth Management published their annual review of where the rich are.
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Private investment bank Julius Baer added 2.2% after confirming it is in talks with Bank of America about acquiring the Merrill Lynch international wealth-management business.
"Usually, a revocable living trust for someone under 60 is more complexity than is necessary, " says Joan Bozek, a director in Merrill Lynch's private wealth management group.
Retail brokerage units Bank Of America Merrill Lynch, Morgan Stanley Wealth Management, Wells Fargo Advisors and UBS Wealth Management have been losing client assets to regional and independent advisory firms across the country and that trend is going to continue over the next three years.
However, Dan Sontag, president of the global wealth management group at Merrill Lynch--now part of Bank of America--said in a press conference that the downturn is slowing and that the affluent are starting to spend yet again.
As for Merrill Lynch what would then happen to the wealth management business attached to that venerable Wall Street name?
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The group included Merrill Lynch, U.S. Trust and the BAC wealth management activities.
But McCann, who joined UBS as head of wealth management in 2009 after his old firm Merrill Lynch was bought by BofA, has been making significant moves to make his smaller army more productive than its competitors.
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The world's wealthiest took a financial hit last year, but they're on the road to recovery, according to the 2009 World Wealth Report, released June 24 by financial management firm Merrill Lynch in partnership with consulting company Capgemini.
Bank of America bought Merrill Lynch in September 2008 which gave the North Carolina bank a prominent hold on the wealth management business almost overnight.
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Harvey A. Rowen is the president of Starmont Asset Management, an independent wealth management firm, and is the former chief executive officer of the Merrill Lynch Bank and Trust Company and of the Charles Schwab Trust Company.
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