Bank of America said the arrival of the bankers from Citi Private Bank would build out its presence in Palm Beach and in the wider Southeast of the US.

Former Citi Private Bank figures overseeing a total of $7 billion of client money are joining Bank of America Private Bank in Palm Beach.

The joiners – Phillip Edwards and Lauren Stuhmer – will provide wealth management services, including investing, philanthropy, credit, and financial planning, to ultra-high net worth families across the US with a focus on Southeast Florida, BoA said in a statement last Friday.

Edwards has 36 years’ experience in financial services, including the role of senior banker for JP Morgan, and senior portfolio manager for a multi-family office. Stuhmer has worked in the sector for 17 years, including stints at JP Morgan and Deutsche Bank. 

“Phillip and Lauren broaden the experience of our private bank team in Palm Beach,” Woodward Middleton, Southeast Florida market executive at Bank of America Private Bank. “Their addition strengthens our presence in the Southeast to meet the needs and complexities of significant wealth creation and transfer.”