Morgan Stanley Wealth Buoys Bank's Q1 Results
Morgan Stanley Wealth boasted $110 billion in net new assets in Q1, while Bank of America Merrill Lynch said it hit a record high of net new relationships.
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Morgan Stanley Wealth boasted $110 billion in net new assets in Q1, while Bank of America Merrill Lynch said it hit a record high of net new relationships.
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Bank of America's wealth management unit, including Merrill, weathered a difficult first quarter with a 3% year-over-year decline in revenue.
Although the new leaders at Merrill could offer advisors new hopes, the firm could well suffer further attrition after Andy Sieg's defection last week to Citigroup.
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