The US lender has put two investment teams together within part of its wealth business.

The global wealth and investment arm of Bank of America is pulling together teams into a single organization - alternative investments and specialty asset management – led by Nancy Fahmy, who has been heading its alternative investments in its capital markets organization.

A new head of capital markets will be named in due course.  

The firm is putting its speciality asset management and alternative investments unit into as single group, with Fahmy reporting to Keith Banks, head of the chief investment officer and investment solutions group at BoA’s GWIM division, according to a memo seen by this publication. (His group serves Merrill Lynch Wealth Management, US Trust, Merrill Edge, and its retirement arm.)

“We are combining the unique capabilities of our Specialty Asset Management group with our Alternative Investments (AI) unit, creating a more expansive and diversified investments offering.  Nancy Fahmy will lead this newly combined entity and report to me,” Banks said.

In her prior role, Fahmy had worked in the team led by Keith Glenfield, head of the investment solutions group. 

John Kelley will join Fahmy’s leadership team and continue to lead SAM. John Leale, Ninon Marapachi, Jeff McGoey and Greg Parets will continue to report to Fahmy. The firm’s capital markets organization, including Anthony Fitzgibbon, Bill Kubeck, Pete Macchio and Bob Moir, along with product structuring and origination will report directly to Keith Glenfield on an interim basis.

“Aligning SAM with our industry-leading AI unit - which services and offers access to hedge funds, private equity, real estate, precious metals and non-traditional mutual funds - enables us to take advantage of best practices, further innovate and improve our solutions, and better serve the needs of advisors and clients across multiple business lines,” Banks said in the memo.