Through an internal memo issued Wednesday, Bank of America executives announced it hired Tom McAuliffe, the former director of consulting at Morgan Stanley's Graystone Consulting, to head institutional consulting at BofA Merrill Lynch.

Andrew Sieg, Bank of America Merrill Lynch’s head of retirement services, told retirement services staff that McAuliffe was brought on board to assume Kelly O’Dea’s lead institutional consulting duties.

Sieg explained in the internal memo, which was released Wednesday, that O’Dea will hold onto her present role on an interim basis “to ensure a smooth transition” when McAuliffe joins the New York-based company in April. O’Dea will then take over as the director of global wealth and investment management product and platform supervision and control, a newly created post.

“Tom’s proven leadership, in-depth knowledge of investment advisory solutions, and years of experience successfully collaborating with financial advisors will help us to drive growth and continue fortifying our institutional investment offering across the organization,” Sieg stated.

Previously, McAuliffe worked at Graystone Consulting. In June 2009, Morgan Stanley Smith Barney formed the institutional and upper-tier wealth market consultant as part of “an outgrowth of Citi Institutional Consulting,” the firm said in a prior announcement.

Prior to Graystone, McAuliffe was a director of institutional consulting at UBS.

In his new BofA Merrill Lynch position, McAuliffe will be responsible for leading the firm’s institutional consulting business, which includes “its strategic direction and working closely with our Institutional Consulting Group  Advisors, along with other business partners within GWIM and across the broader Bank of America enterprise,” Sieg stated.

Christy Pollak, a Morgan Stanley Smith Barney spokesperson, confirmed McAuliffe’s departure. She also said that the firm is “presently reevaluating the position.”


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