Bank of America Corp.’s Merrill Lynch announced that Chandler Root will become director of its southwest region, which includes markets in Southern California, the Pacific Islands and Arizona.
The move is part of a reorganization announced this week by John Thiel, head of Merrill Lynch’s U.S. Wealth Management and Private Banking & Investment Group. The plan consolidated 16 regional groups down to 11.
Root will be taking the place of Joseph Holsinger, who was the Orange County-based southwest regional director of its Global Wealth and Investment Management division. Holsinger came to the OC office from Florida in April and oversaw about 880 financial advisers here.
Root had been serving as vice president and regional director overseeing the wealth-management division of Merrill Lynch’s Los Angeles/Mountain region, which included markets in Colorado and Utah.
Holsinger's new role in the company has not been announced yet, according to a spokeswoman.
The southwest region now is one of the 11 geographic markets that make up Merrill Lynch’s wealth management business under the new structure.
The southwest region manages about $83 billion in assets and generates more than $620 million in revenue, according to the company.
Merrill Lynch has 253 financial advisers at offices in Brea, Newport Beach, Laguna Hills, Laguna Niguel, Costa Mesa and Santa Ana.