Mr. Kraus said in a news release that the firms focus under his guidance will remain providing our clients with strong investment returns and world-class service. As we move forward, we will maintain our best-in-class research and our focus on providing objective advice and creative solutions.
Mr. Kraus had been executive vice president, head of global strategy and a member of the management committee at Merrill Lynch; Bank of America announced in September that it would acquire Merrill Lynch. A call seeking information about Mr. Kraus replacement was not immediately returned. Prior to joining Merrill Lynch, Mr. Kraus was a managing director and co-head of the investment management division at Goldman Sachs Group.