Bank of America 2006 Annual Report Download - page 27

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Bank of America 2006 25
MARK WERNER, HEAD
OF GLOBAL MARKETS
RICHARD SCOTT, RIGHT,
CHIEF INVESTMENT
OFFICER FOR AIG
INSURANCE COMPANIES,
IN HONG KONG WITH
JOHN CHU, CHAIRMAN OF
AIG GLOBAL INVESTMENT
GROUP-ASIA.
T
Opportunities in Serving
Institutional Investors
The business of serving the sales and trading
needs of institutional investors is an enormous
one. Investors are diverse and include mutual
funds, hedge funds, asset managers, foreign
reserve managers and cash-rich corporations.
Since 2003, industrywide revenue from this
business has grown by about 15 percent per
year, and it’s projected to grow by 10 percent
per year through 2008, according to indepen-
dent research companies.
Bank of America has a competitive position
in investment banking. At the end of 2006, we
ranked third in investment grade debt under-
writing (Thomson Financial). We are building
greater trading capabilities focused on what
clients most value. Our goal is to increase our
market share and revenue growth until we rank
among the top three firms in the United States.
Since 2004, our market share ranking of fixed-
income products has risen from 11th to 6th,
according to Greenwich Associates.
We’re expanding the size of our sales and
trading teams in the United States and inter-
nationally. We’re also devoting more capital to
better act as a counterparty in support of our
clients’ trading. Along with efficient execution
and greater liquidity, we’re offering clients more
choices across the risk spectrum.
“We’re building stronger client relation-
ships,” said Mark Werner, head of Global
Markets. “Our success is reflected in the
improvement we’ve seen in the quality scores
our clients give us, as compiled by various
consultants, and by our growth over the past
18 months. This momentum will help us
become our clients’ most sought after provider
of financial solutions.”