The recently-appointed head of retirement and philanthropic services at Bank of America/Merrill Lynch, Andrew Sieg, has reorganized its retirement services group, media reports said.

Under the new structure, announced yesterday, Kevin Crain, formerly the head of plan participant solutions, will serve as the head of institutional client relationships. The move is the second key leadership change within the retirement division in the space of three months. Earlier this year, Mr Sieg was appointed by Sallie Krawcheck, the recently-appointed head of BoA/Merrill’s global wealth management division.

In this role, Mr Crain will oversee the bank's institutional clients and financial advisors who work with those clients, Mr Sieg was quoted saying in an interview with Investment News. Additionally, part of his team will work with the areas of the commercial bank where there could be a need for retirement products.

“People in Kevin's team will identify the retirement plan needs in the global commercial banking side of the business,” Mr Sieg was quoted as saying by the publication.

Bank of America has become the world's largest wealth manager since it completed its purchase of Merrill Lynch in January this year.