The move is part of a reorganization within Bank of America's global wealth and retirement solutions unit, after Ashvin Chhabra announced in June that he is stepping down as CIO of Merrill Lynch Wealth Management to run a family office.

"Under a simplified structure, the Merrill Lynch and US Trust Chief Investment Offices will be brought together,  combining the best thinking of both organizations..." said Andy Sieg, head of global wealth and retirement solutions at BoA Merrill Lynch.

In other changes, Patricio Diaz – previously chief operating officer of investment management and guidance – has become COO of global wealth and retirement solutions. Diaz takes over this role from Stephen Hostetler, who has joined BoA's global risk division as strategy, governance and data executive.

Meanwhile, head of retirement and personal wealth solutions, David Tyrie, has moved to the consumer bank and is replaced by Lorna Sabbia, who spearheaded the development of Merrill Lynch One - the investment advisory platform.

Sabbia in turn has been replaced by Keith Glenfield, who has worked at Merrill for 20 years and previously led the alternative investments business. Glenfield is replaced by Nancy Fahmy, formerly head of private equity origination and technical sales.