James Forbes, a 14-year veteran of Merrill Lynch, has been chosen to head up Bank of America Merrill Lynch’s Global Principal Investment business that houses the combined companies’ private equity and real estate arms.
Forbes helped companies raise more than $20 billion in financing, and his clients included Quest Diagnostics, Triad Hospitals and HCA. Forbes joined Merrill in 1997, prior to which he worked for Credit Suisse First Boston, where he worked in debt capital markets focusing on the healthcare industry.
The unit Forbes will lead includes Merrill Lynch Global Private Equity, thought to be worth between $5 billion and $6 billion; and Banc of America Capital and Banc of America Strategic Investments Group, which originates, structures and executes direct equity investments, private equity funds and hedge funds. The business also reportedly includes Merrill Lynch Real Estate Funds.
Merrill did not return a call for comment.