SAN FRANCISCO -- Bank of America is merging its institutional fixed-income and equity indexing businesses into TradeStreet Investment Associates.
Kirk Hartman, chief investment officer for BofA's fixed-income business, will serve as TradeStreet's chief fixed-income investment officer, replacing John Cole, the director of fixed income who left TradeStreet several months ago. He will report to TradeStreet President Holly Deem.
Mr. Hartman's BofA team will remain in Los Angeles with $35 billion to $40 billion in fixed-income indexing and $2 billion in equity indexing, TradeStreet officials said. BofA has more than $70 billion in total assets under management, of which more than half is institutional tax-exempt. Jim Miller continues as CIO-equities.
The TradeStreet fixed-income team will stay in Charlotte, N.C.
TradeStreet's assets under management, $55 billion as of Sept. 30, have grown 12% in the past year as the firm grappled with acquisition activity by its parent company, NationsBank Corp., Charlotte. NationsBank just completed a merger with BankAmerica.