Bank of America Merrill Lynch has named a new head of insurance and annuities, the US banking and wealth management giant has said.

Michael Maghini moves from Morgan Stanley Smith Barney to assume
leadership of the BoA unit, bringing with him some 30 years of industry
experience. Maghini was previously a director for distribution at MSSB
and had also worked for the likes of Citigroup, SunAmerica Asset
Management and UBS.

In his new capacity, he becomes responsible for product strategy and
management of the bank's annuity and life insurance products. He
replaces John Mulhall, who left the firm in July.

The appointment comes as Bank of America Merrill Lynch is working to
build out its retirement solutions offerings to clients. Apart from his
role, Maghini also becomes managing director on the firm's personal
wealth and retirement solutions team.

He officially joins the team on 1 October.