Bank of America Global Wealth & Investment Management president Sallie Krawcheck has announced that Andy Sieg, head of BofA Merrill Lynch's retirement services division, will be assuming an additional role as head of global investment solutions.

In a memo seen by Family Wealth Report, the company said that Sieg will be instrumental to driving further collaboration across GIS and retirement services, specifically in areas of planning tools, specialist coverage, and institutional consulting. The move continues the company's transition to a solutions-based approach to client management and towards better relations with outside asset management partners, the firm said.

The announcement follows the decision of Kunal Kamlani, the former head of GIS, to stay in Florida and pursue interests outside of the company.

Global Wealth & Investment Management is the wealth management division of Bank of America Corporation.