Cary Grace

Cary Grace

Bank of America Global Wealth and Investment Management has made several senior hires for its Philanthropic Management arm--all newly-created posts added in line with BofA's move last year to merge all philanthropic offerings under one umbrella. It has tapped Carol Yonack, previously national sales director at Wells Fargo Philanthropic Management, as director of its Southwest region--Arizona, New Mexico, Oklahoma, New Mexico and Mexico--and Diann Petrino, formerly director of client administration services at U.S. Trust, as philanthropic service manager for New York, Connecticut and New Jersey. BofA is the only firm to create a stand-alone philanthropic arm, as opposed to other firms which combine it as part of trust and private banking units. Cary Grace, national executive in charge of the group, said the effort was launched based on clients' interest in wealth transfer services and their increased demand for legacy offerings over wealth accumulation particularly in the baby boomer group.

Additionally, BofA Philanthropic Management has named Ellen Sloan, previously private client advisor and wealth strategist with BofA private bank, as sales director of its Southern California region and tapped Elizabeth Brown Marlowe, formerly with BTW Consults, as philanthropic service officer in San Francisco. Yonack and Sloan report to Robert Noack, national director of Philanthropic Management, while Petrino and Brown Marlowe report to their regional relationship managers, respectively. Grace reports to John Bahnken, president of GWIM products division.

Boston-based Philanthropic Management is looking to add more philanthropic experts to round out its team throughout the country, said Grace, declining to provide specifics on an amount or timeframe. The unit services high-net-worth individuals and institutional clients, such as non-profits, private foundations and charitable organizations, in 26 locations and focuses on markets with deep pockets around metropolitan areas which include California, Chicago, St. Louis, Kansas City, Texas, the Southeast and Northeast, the Mid-Atlantic and Washington D.C. Philanthropic Management, with over $3 billion in assets, draws on its Private Bank and Family Wealth Advisors units and offers services to include philanthropic advice, asset management, administrative and fiduciary services.