BANKING INSTITUTION, the Bank of America, is seeking to improve its institutional wealth management function. The head of BofA’s America's retirement and philanthropy business, Andy Seig said “We want the (institutional) business to be multiples of what it is today. We're not thinking 5 to 10 per cent growth."

Chris Dupuy, the new head of institutional investments and philanthropic solutions is being appointed to oversee the investment advisory for a plethora of clients. This combined division is expected to court pension funds, endowments and foundations which are less than $500 million in total assets. The potential client assets in this market equals to $2 trillion.

After the financial crisis of 2008, pensions, foundations and other clients of Bank of America are trying to outsource their investment management services. Andy Seig further added “They’re clearly looking to professionalize investment management, almost chief investment officer-like outsourcing,"