Merrill Lynch Wealth Management has reshuffled the leadership of its Private Banking & Investment Group (PBIG), international and institutional units to bring the three segments under one team.
The changes will see Andres de Corral, previously market executive overseeing Miami International, promoted as the regional managing director (RMD) for the Florida region, a newly created region for the PBIG, international and institutional unit.
Don Plaus, head of the unit, announced the promotions March 12, nearly a year after he was appointed to lead the three business segments.
A spokesperson for Merrill Lynch told Citywire Americas: ‘When Don was appointed last March, he saw clear synergies amongst PBIG, International and Institutional clients and the support they needed.
‘These groups had been aligned previously but still had separate operations. He has now fine-tuned his organization to deliver better capabilities to clients with complex needs.’
Plaus has also introduced a new sub-unit called Strategic Wealth Advisory Services to provide services such as wealth structuring and generational planning for the sophisticated client segments. This will be led by Greg McGauley, Northeast regional managing director of PBIG and institutional client acquisition liaison.
Other appointments include Linda Patel as RMD for the Texas region, based in Dallas. She was most recently Merrill Lynch market executive for Valley Coast market in the West division.
Inez Louzonis, who was appointed in May 2017, will continue to head international strategy for the firm and Kevin Walsh will continue to head institutional strategy.
Regional directors will now oversee international teams wherever they’re based.
The RMDs continuing in their roles include: Mollie Colavita, responsible for Metro (NY), Tracy Murphy for Pacific Northwest, Mike Nies for Southeast, Michael Rogers for Southwest, and Brett Thelander for Midwest.
Merrill Lynch initially announced it was looking to model its international unit after its PBIG business in July 2015 when it outlined a number of new restrictions to its international financial advisors.