Bank of America announced the leadership team for its alternative investments group that sits within its new Global Wealth and Investment Management business.

The new team is made up of predominantly internal hires and executives from its recent US Trust acquisition.

The team currently consists of 68 employees including a team of 22 research staff headed by David Bailin, head of the combined Alternative Investments group, who reports to head of Global Wealth and Investment Management, Brian Moynihan.

Steven Suss, chief administrative officer for Hedge Fund & Private Equity Investments within the business unit, was the only external hire, formerly the chief financial officer and chief compliance officer of Heirloom Capital Management.

The firm also named Spencer Boggess, former chief executive of US Trust Hedge Fund Management, director of Hedge Fund Investments in the new group.

James Bowden, former manager of Bank of America's private equity fund-of-funds business, was appointed director of Private Equity Investments.

Kristina McDonough, formerly head of product management for US Trust's Alternative Investment Division, was named Institutional Channel director.

Former national business management executive for The Private Bank of Bank of America, Kathie Andrade, was appointed an executive.

And Suzanne Sack, formerly the northeast regional president of The Private Bank of Bank of America, was appointed US Trust Channel director.

The Alternative Investments Group, expanded through the merger with US Trust, currently oversees $6 billion in client assets, according to the firm.

Bank of America’s $3.3 billion purchase of the US Trust private banking arm earlier this year was expected to create the largest American private banking business with combined assets of $270 billion.

The bank said the business will serve clients with more than $3 million in investable assets with offices nationwide.