Sevilla-Sacasa at centre of the world's biggest wealth manager
Frances Aldrich Sevilla-Sacasa, head of Bank of America’s wealth management, will play a pivotal role in its merger with Merrill Lynch – if she stays put. Named last year by the Wall Street Journal as one of the 50 women to watch in the world, Sevilla-Sacasa is also acknowledged by peers as being one of the most powerful women in global wealth management.
A former colleague of Sevilla-Sacasa at Citigroup said: “She is one of America’s most high-profile wealth managers and has managed her career success exceptionally well.” She led the group’s private banking operations in Latin America and Europe before joining US Trust, owned by Bank of America.
The 52-year-old was appointed to her latest position last year, managing a business with assets under management of about $270bn (€187bn) and catering towards clients with $3m-plus in assets.
At the time of Bank of America’s acquisition of US Trust there was scepticism whether US Trust, known for servicing the financial needs of some of America’s wealthiest families, would sit well with a bank that had made its money in the retail sector and America’s middle class. Amid mutterings of discontent among advisers, former chief executive Peter Scatturo quit to take charge of Goldman Sachs global wealth division last year.
But Sevilla-Sacasa appears to have done better than expected in handling the transitional process and managing the growth of the business, say analysts.
One London-based analyst said: “Being a client-orientated wealth manager, Sevilla-Sacasa has been very good at reassuring some of US Trust’s wealthiest clients.”
Sevilla-Sacasa is fluent in English, Spanish, French and Portuguese. She sits on the board of a number of arts organisations and, say friends and colleagues, easily mixes in America’s top echelons.
However, some have questioned whether she would find it easy to run an increasingly complicated wealth franchise now that Merrill Lynch is coming on board. One former colleague questioned how she would run a multi-jurisdictional wealth business, and would find it hard to stretch herself.
When running the LatAm and European units of Citigroup’s Private Bank, Sevilla-Sacasa commuted between European capitals, Miami, where she lives, and New York, where Citigroup is headquartered.
Many questioned her logic of agreeing to oversee two regions so far away from each other.
The crucial question is how well she manages her relationship with Robert McCann, expected to head the merged wealth operation. Further complications result from Merrill Lynch’s ownership of First Republic, which competes with US Trust for wealthy clients and may not appreciate a marriage proposal.
The London analyst said: “McCann is a very different wealth manager from Sevilla-Sacasa – they will either compliment each other, or clash.” Sevilla-Sacasa might not be too concerned. During her many years as a wealth manager she has built a considerable book of contacts, including Scaturro.
“She would be in demand no matter what happens,” said the London analyst.
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