BoA Targets Family Offices, Others Over Private Capital Deals - Report

Editorial Staff

30 August 2019

Bank of America is expanding teams focused on the top family offices, buyout firms and sovereign wealth funds to exploit growth in private market dealmaking, according to Bloomberg.

The banking group, which is also one of the largest wealth management houses in the US, has hired a number of senior figures in recent months and appointed some of its highest-ranking bankers on a new Global Private Capital Council.

The newswire quoted Luigi Rizzo, head of investment banking for Europe, the Middle East and Africa, as saying the moves give BoA a more formal structure to identify new business in those areas.

"Private capital is increasingly replacing public pools of capital," Rizzo, who is also head of EU corporate and investment banking, told the newswire. "We will continue to direct more resources into these different streams, whether it be sovereign or pension funds, family offices or buyout firms."

As Family Wealth Report and other news services have noted, family offices and other major sources of capital have pushed into the private, non-public markets space, attracted by the superior yields that such relatively illiquid assets provide.

BoA appointed Andreas Loulloupis as global head of private capital family office banking in June, while Woody Boueiz was named head of sovereign wealth funds and pension investors globally last year. It promoted Laurent Dhome and Vijay Ralhan last month to become co-heads of financial sponsor coverage for EMEA. The newswire report noted that it also hired Thomas Turner from Goldman Sachs Group Inc. as a managing director in its financial sponsors group in London, starting in October.