Bank of America 2001 Annual Report Download - page 29

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27
banking and credit expertise. The Private Bank has nearly
$150 billion of client assets and is an industry leader in provid-
ing innovative financial solutions for high-net-worth clients.
While Bank of America offers deposits, investments
and credit products to all customer segments, the
Private Bank focuses on serving the needs of our
most affluent clients. These clients’ needs are
different from those of other client groups, and
their overwhelming concern is not only with
wealth creation, but also with issues of legacy.
In three core areas of client needs – trust,
credit and banking – we are global leaders, with
mature and profitable operations. With 44,000
trust relationships and 79,000 accounts, we’re
one of the nation’s largest corporate fiduciaries
for individuals. Our $24 billion
private client
loan book serves more than 18,000 relationships
across every major industrial sector – and is
broadly diversified. Our online bill pay, account
aggregation services and integrated credit prod-
ucts are all best-in-class.
The Private Bank also
offers a comprehensive investment program,
fulfilled by Banc of America Capital Management
and other distinguished providers.
Banc of America Capital Management is a
leading asset management organization serving the
investment needs of high-net-worth individuals,
institutional clients and retail customers. We create
investment
products and solutions that are distributed through the Private
Bank and Banc of America Investment Services, Inc. and exter-
nal brokerage firms; offer institutional separate accounts and
fee-based programs; and provide advice to our clients through
asset allocation expertise and software.
In addition, we work through leading brokerage firms and
financial advisors to provide products to customers ranging
from retail clients to Fortune 100 companies with complex
investment needs. We offer institutions and individuals a full
range of investment styles through our proprietary investment
management services and relationships with key subadvisors.
Many clients know us through our Nations Funds family and
the mutual
funds offered by Marsico Capital Management,
which became
a wholly owned subsidiary of Bank
of America in 2001. Since the start of our relation-
ship, Marsico’s assets under management have
grown to $12 billion.
Performance is the foundation of success
in asset management, and our portfolios turned
in highly competitive results in 2001. Fully 87%
of eligible equity and fixed-income fund assets
exceeded the Lipper three-year median return,
and 63% are in the top quartile.
The Individual Investor Group brings
together the Asset Management Group’s services
for individual investors. Providing investment,
securities and financial planning services to
more than one million affluent and high-net-
worth individuals, the Individual Investor Group
is comprised of Private Client Services, which
focuses on high-net-worth individuals, and Banc
of America Investment Services, Inc., which
includes both the full-service network of invest-
ment professionals and an extensive online
investor service. Through its securities subsid-
iaries, Bank of America offers investment and
financial advisory services across 21 states and
Washington, D.C. During 2001, we were one of the country’s
leading providers of investments to individuals. Client assets
in the Individual Investor Group held steady at approximately
$100 billion despite adverse market conditions.
Our business has significant scale,
the opportunity to
work with a growing number of affluent and high-net-worth
clients and a range of quality products and services tailored
to fit their needs. Bank of America is well positioned to capi-
talize on its competitive advantages in wealth and investment
management services.
<Wealth and Investment Management Services
>
We’re the nation’s
largest private bank,
measured by number
of clients
>
We’re the largest
provider of trust services
to individuals
>
We have a relationship
with one out of every 25
very affluent households
in the U.S.
SCOPE OF THE PRIVATE BANK
BANC OF AMERICA
CAPITAL MANAGEMENT ASSET
DIVERSIFICATION
49%
34%
14%
3%
■
Cash
■
Equity
■
Fixed Income
■
Other
$314 Billion of Assets
Under Management