Sept 24 Bank of America Merrill Lynch
said on Monday it landed former Morgan Stanley Smith Barney
director Michael Maghini to head its insurance and annuities
division, as the bank looks to build out its retirement
solutions offerings to clients.
Maghini, a nearly three-decade industry veteran, will join
Bank of America as a managing director on the company's personal
wealth and retirement solutions team.
"When you look at the future of the insurance and annuities
space, it's not one of purely a product - it's more of a 'how
does it fit into somebody's wealth' strategy," said the team's
head, David Tyrie, in an interview on Monday.
Tyrie, who was involved in the hiring of Maghini, said
Maghini's varied background in areas of business and platform
development, product marketing and strategic planning led to his
selection for the role.
"The appeal was the length and depth in areas of his
expertise," Tyrie said.
Maghini was previously a director of distribution for Morgan
Stanley Smith Barney's annuity and insurance services business,
and he had also previously worked for Citigroup, SunAmerica
Asset Management and UBS.
In his new role, Maghini will be responsible for product
strategy and management of the bank's annuity and life insurance
products. He replaces John Mulhall, who left the company at the
end of July.
Maghini will begin his new role on October 1 and be based
out of the Bank of America tower at One Bryant Park.
Morgan Stanley Smith Barney did not immediately return a
request for comment.