Bank of America has reported strong third quarter 2013 financial results at its Global Wealth & Investment Management division.

Bank of America has today reported that net income at its Global Wealth and
Investment Management division rose 26 per cent from the third quarter of 2012
to $719 million at September 30, 2013, which the US-listed bank said reflects solid revenue
performance and low credit costs. Net income is down, however, from the $758
million logged at the end of this year’s second quarter.

Revenue at the GWIM unit rose 8 per cent year-on-year to
$4.4 billion as of end-September 2013, but like net income, is down slightly from $4.5 billion
at Q2 2013.

The bank said in its latest earnings release that long-term assets under management
flows were $9.7 billion for the quarter, representing a 79 per cent increase
from a year ago and reaching $38.9 billion year-to-date.

It described GWIM asset management fees of $1.7
billion as a “post-merger record,” equivalent to a year-on-year growth rate of
13 per cent. Meanwhile, GWIM client balances of $2.28 trillion increased $68
billion, or 3.1 per cent, for the quarter, while Merrill Lynch Wealth
Management client balances rose 3 per cent.

Merrill Lynch revenues were $3.6 billion, up 6.6 per cent
over last year but down 2.6 per cent from this year’s second quarter due to “reduced
market activity and seasonality.”

The firm logged a total of 14,036 financial advisors as at
September 30, 2013, down by 133 for the quarter, which is said was primarily
driven by “continued attrition of off-target and pre-production PMDs.”

At US Trust Q3 2013 revenues of $730 million are the second
highest quarter since the end of 2008, the bank said - behind only Q2 2013 ($740 million) - up
$74 million or 11.3 per cent compared to Q3 2012. Total client balances of $363
billion are up $12 billion from this year’s second quarter and $30 billion
higher than the same period a year ago.

Across the group, Bank of America reported
that net income rose to $2.5 billion in the third quarter of
2013 from $340 million a year ago, but this figure is down from
$4 billion recorded at June 30, 2013.

Just over a year ago, BoA agreed to sell its non-US wealth
management arm to Julius Baer, the Swiss private bank.