After expanding its alternative investment offerings with the purchase of wealth management firm US Trust this March, Bank of America has chosen James Bowden to lead the private equity division of its newly established Global Wealth & Investment Management group.
Bowden was formerly a managing director of Bank of America Capital Advisors and head of the bank’s private equity fund-of-funds business.
The private equity division of GWIM constitutes about a third of the GWIM’s $6 billion (€3.4 billion) in assets.
Bank of America’s private equity division has also bolstered its Alternative Investment network, giving its clients greater access to advisory services and alternative assets, said David Bailin, head of GWIM. Twenty-two of GWIM’s 68 employees now staff the research team, he said.
“The overarching goal is to take the bank’s competitive position in private equity broadly and to bring our research to all of the different client groups that we have,” Bailin said. “We want to make sure our best thinking is brought to every Bank of America client.”
Bowden’s division will seek opportunities in medium and large buyouts, early and midstage venture capital, and real estate, through both US and international funds, Bailin said.
Bank of America has been active in private equity for more than 30 years, and has invested through fund-of-funds for the past 10 years. The bank bought US Trust from Charles Schwab for $3.3 billion in cash, and the combined entity now manages roughly $6 billion in assets.