Sevilla-Sacasa parts company with US Trust
Frances Aldrich Sevilla-Sacasa, one of the highest-profile female advisers in the US, has quit as chief executive of US Trust, the upmarket wealth business owned by Bank of America, according to sources familiar with the company.
Keith Banks, Bank of America's president of global wealth and wealth management, will assume day to day management responsibilities for US Trust until the completion of BofA's merger with Merrill Lynch. From that point, Banks will be in overall charge of BoA's wealth and fund businesses.
Bob McCann, head of Merrill's wealth business, will lead the combined financial advisory business. A day to day overall head of wealth at the merged company has yet to be confirmed.
A BoA spokesman refused to comment on Sevilla-Sacasa's exit. Her reported departure effectively ends months of speculation surrounding how she would get along with McCann. A previous head of Citigroup's European and Latin American businesses, she was put in charge of US Trust when her friend and predessor Peter Scaturro quit to become Goldman Sachs head of global wealth management last year.
Several US Trust staff have left the firm during the run up to Bank of America's formal merger with Merrill Lynch. Investment bank Evercore Partners launched a global wealth management business last month led by ex-US Trust chief executive and chairman Jeff Maurer.
The division is populated with former portfolio managers and wealth planners from US Trust. Fred Taylor, the former US Trust chief investment officer, serves as a senior advisor to the team. But reports that Sevilla Sacasa will join Evercore have been denied. Scatturo recently quit Goldman Sachs, leading to speculation that they will join forces to build a wealth advisory business.
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