The private banking arm of the US lender is tapping into the continued growth story of HNW and ultra-HNW individuals in Miami and Florida more broadly.

Bank of America has added Luke Palacio as Miami senior market executive for Miami in its private banking operations. 

A new role for the firm, so this publication understands, Palacio focuses on building BoA’s ultra-high net worth and family office business development opportunities. 

The appointment comes at a time when Florida continues to be a hotspot for the US wealth and private banking sector, benefiting – along with certain other states – from not having a state income tax. According to a report on May 21 by The Miami New Times, it said that Miami recently was on a list of top 50 places in the world for millionaires. According to a report by Henley & Partners, a firm advising people on cross-border migration, 35,300 millionaires, 164 centi-millionaires (individuals with liquid investible wealth of more than $100 million), and 15 billionaires called Miami and Miami Beach home as of December 2023.

Palacio brings more than 25 years of experience working with family offices, private equity and hedge fund firms within the Miami market. In his role, he reports to Hong Ogle, Southeast and Southwest division executive at Bank of America Private Bank, this publication understands.

Prior to this role, Palacio worked at Citi Private Bank where he was most recently MD and global market manager for the Southern US. Before joining Citigroup, he spent 14 years at JP Morgan Private Bank in New York, Geneva and Miami.

Palacio holds a BA in economics from Fairfield University and an MBA in finance and international business from the New York University Stern School of Business. He serves as the president of the board for the Perez Art Museum and is a member of the Investment Committee for the Nicklaus Children’s Hospital.