Former Smith Barney Manager Switches To BofA For Major Wealth Role

Charles Paikert

Family Wealth Report

19 February 2010

The wirehouse game of wealth management musical chairs continued yesterday, as Kunal Kamlani, a former senior manager at Smith Barney, joined Bank of America to take up the post of global head of its wealth and investment management division. He most recently had been working as chief financial officer for Prestige Cruise Holdings.

Mr Kamlani reports to his former colleague at Smith Barney, Sallie Krawcheck, president of the division.

Mr Kamlani was Citigroup Smith Barney's managing director and chief operating officer responsible for financial advisor technology, strategy, business risk management and finance.

The move comes just days after Robert McCann, UBS’ North American wealth management chief, announced organizational changes at his shop, Last month Mr McCann brought over several of his former Merrill Lynch colleagues to UBS.

“I think we’re going to see this halo effect happen even more over the next couple of months,” said Alois Pirker, research director for the Boston-based Aite Group. “Both Krawcheck and McCann are still relatively new at their jobs and are clearly assembling their own teams. They want to be able to rely on known quantities, so it’s natural that they are turning to their former colleagues.”

"Global investment solutions is a critical area of our business, as it represents the core of our financial solutions platform,” Ms Krawcheck said in a statement. “Kunal and his team will continue to build upon and further strengthen our offerings across the platform."

Mr Kamlani's group is responsible for managing global financial and investment solutions, including mutual funds, stocks, bonds, new issues, insurance, alternative investments and structured investments, the bank said. He will also oversee managed-account programs, manager due diligence, portfolio construction and investment implementation activities for the business globally.

Chris Dupuy, the current head of global investment solutions, will become head of BofA’s institutional investments and philanthropic solutions and will report to Andy Sieg, head of the bank’s retirement and philanthropic services organization.

Mr Dupuy will oversee investment strategy, product management and servicing for institutional investments, fiduciary products, and private foundations and endowments.

He will remain head of global investment solutions until Mr Kamlani joins the bank in March.