BoA Asset Management Names New Head

Jan. 25, 2001 ( - Bank of America Corp. (BoA) announced Thursday that Morgan Stanley Dean Witter executive Richard DeMartini was named to lead its $277 billion Asset Management Group.

DeMartini joins BoA from Morgan Stanley Dean Witter, where he is chairman and chief executive officer of the International Private Client Group and also a member of the Morgan Stanley Dean Witter Management Committee. He will be based in New York.

DeMartini will replace Owen “Bob” Shell who will retire after a 38-year career in financial services following a transition period, BoA said.

DeMartini has been in the financial services business for 26 years and held positions in asset management, brokerage, investment banking and consumer finance.

Both BoA and Morgan Stanley have seen some top level management changes recently. Wednesday, Morgan Stanley Dean Witter said that president and chief operating officer John Mack resigned and BoA announced that its President and Chief Operating Officer Kenneth Lewis will succeed Chairman and Chief Executive Hugh McColl who will retire in April.