BofA’s private banking arm names new client advisers

(Reuters) – Bank of America’s private banking arm said on Friday industry veterans Phillip Edwards and Lauren Stuhmer would join its Palm Beach office as private client advisers.

Edwards and Stuhmer, who have a combined experience of more than 50 years in the financial industry, would join from Citi’s private banking arm, where they were in charge of managing $7 billion in client balances.

At Bank of America Private Bank, they will provide wealth management services, including investing, philanthropy, credit and financial planning, to ultra-high-net-worth families across the U.S., with a focus on Southeast Florida, it said.

“Their addition strengthens our presence in the Southeast to meet the needs and complexities of significant wealth creation and transfer,” said Woodward (NASDAQ:WWD) Middleton, Southeast Florida market executive at BofA’s private bank.

Edwards had previously worked as a senior banker at J.P. Morgan and a senior portfolio manager for a multi-family office, while Stuhmer held roles of an investment associate at J.P. Morgan and Deutsche Bank (ETR:DBKGn).

BofA’s private banking arm had record client balances of $667 billion and an assets under management balance of $403 billion for the quarter ended Sept. 30.