Bank of America 1999 Annual Report Download - page 12

This closer partnership between our
company and our customers will also
produce greater value for our shareholders.
One of the two unique, value-added
accounts is called Advantage, a broad
package of products and services
featuring lower rates on loans, higher
rates on deposits and lower or no fees on
many auxiliary services. The other rela-
tionship-building product is our Money
Manager account, which combines
checking, savings and investing. When
we serve our Advantage and Money
Manager clients, we recognize and reward
them for their relationship with us.
Results and trends have been
encouraging. In 1999, balances in
Money Manager accounts increased by
99 percent over the previous year to
$11.3 billion. On average, a customer
opening a Money Manager account
brings 20 percent more in balances
than he or she had with the bank
30 days earlier. The balance grows
another 30 percent in nine months.
Investment assets double. Our goal is
to achieve future growth through this
kind of performance.
Nothing illustrates the value of
bringing our businesses closer together
than the potential we see for our Asset
Management Group.
Working with internal partners across
the franchise, Bob Shell, president of the
Asset Management Group, notes that
“our goal is to help all of our customers
accumulate, grow and preserve their
wealth.”
Our Private Bank, serving about
100,000 relationships, provides cus-
tomized asset management, banking,
credit and trust services for high-
net-worth individuals and private founda-
tions. There are another one million
customers using other Bank of America
products who qualify for private banking
services. To take advantage of this oppor-
tunity, bankers and client managers
throughout our company are making
Private Bank and other Asset Management
services an integral part of their discus-
sions with clients and customers.
Banc of America Capital Management
manages the assets of individuals,
corporations, municipalities, foundations
and universities, as well as public and
private institutions. Building on our
considerable strengths, investment
management capabilities were integrated
last year to provide our clients with
investment and service excellence. We
work closely with all internal partners
and external distributors to enable
clients to conveniently access our
broad array of competitive products.
The Asset Management Group has
more than $247 billion in assets under
management. Nations Funds, the bank-
advised mutual fund family, has assets
totaling over $81 billion, ranking Banc
of America Advisors, Inc. among the
top 20 mutual fund managers.
Banc of America Investment Services,
Inc. serves the investing needs of our
clients and customers by providing
both full-service and discount brokerage
services to nearly one million accounts.
Investment professionals are located
throughout the franchise, and our
highly rated brokerage web site provides
customers a wide array of market
analysis, investment research and self-help
tools as well as account information and
transaction capabilities.
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