Bank of America’s has promoted internally to replace its chief investment officer who has resigned to start a hedge fund, Financial News reports.
Walter Muller will replace Ian Banwell, who is leaving the company to start Round Table Investment Management, an alternative investments firm. Muller, whose appointment is effective today, was promoted from the corporate investments team where he has worked for the past 15 years. He has been quantitative finance executive since 1999.
Banwell has been chief investment officer at Bank of America since 2000 and joined the bank in 1998. BofA will have a minority stake in Banwell’s new business and will invest seed money in several of Round Table’s funds.
BofA chief financial officer Joe Price voiced confidence in Banwell’s investment strategy and his ability to maximize the banks return on its investment.