People Moves
BoA Names Former Merrill Exec As Head of Insurance, Annuities
Bank of America Merrill Lynch has named a new head of insurance and annuities, the US banking and wealth management giant has said.
Michael Maghini moves from Morgan Stanley Smith Barney to assume
leadership of the BoA unit, bringing with him some 30 years of
industry experience. Maghini was previously a director for
distribution at MSSB and had also worked for the likes of
Citigroup, SunAmerica Asset Management and UBS.
In his new capacity, he becomes responsible for product strategy
and management of the bank's annuity and life insurance products.
He replaces John Mulhall, who left the firm in July.
The appointment comes as
Bank of America Merrill Lynch is working to build out its
retirement solutions offerings to clients. Apart from his role,
Maghini also becomes managing director on the firm's personal
wealth and retirement solutions team.
He officially joins the team on 1 October.