[pullquote]Recruiting will focus on institutionally-experienced financial advisors[/pullquote]
Looking to grow their business with institutional clients, Bank of America Merrill Lynch has renamed its Institutional Consulting Group.
An internal memo sent to employees by Managing Director Thomas McAuliffe, announced that Global Institutional Consulting would be the new direction which reflects the global institutional products and services that clients now expect, including international research and resources.
The group of advisors now totals 70 with a goal of 75 by year end. Recruiting will focus on institutionally-experienced financial advisors who could come from inside or outside the firm, individually or within teams, McAuliffe told Lorie Konish of OnWallStreet last week.