Bank of America has appointed Lisa Shalett as new chief investment officer (CIO) of Merrill Lynch Global Wealth Management and head of Investment Management and Guidance. Based in New Jersey, she will report to Kunal Kamlani, head of global investment solutions.

Ms Shalett will be responsible for Merrill Lynch Global Wealth Management investment strategy around the world. In addition, she will oversee Investment Management and Guidance’s investment analytics and investment guidance teams, as well as the Ultra High Net Worth Investment Office, which creates institutional-caliber investment policies, asset allocation and portfolio solutions for ultra high net worth clients.

Ms Shalett will join Bank of America from AllianceBernstein, where she served as partner and head of global growth equities. In this role, she led the investment services unit responsible for managing all growth-style equity mandates. She also provided strategic direction and business oversight for product platforms and portfolios across the firm’s institutional, retail and private client channels.

Prior to this, Ms Shalett served as chair and CEO of Sanford C Bernstein, where she oversaw global research, sales and trading. She previously held positions as global research director and equity analyst. Early in her career, she served as a management consultant at the Boston Consulting Group and Booz, Allen and Hamilton.

Ms Kamlani said: “Lisa’s intellectual acumen and proven leadership skills make her ideally suited to lead our efforts in working with clients to help achieve their goals through objective investment advice and guidance. Moreover, her experience with fundamental and quantitative research will complement our Investment Management and Guidance organization, which has become an invaluable differentiator for Merrill Lynch Financial Advisors and clients through its work on strategic asset allocation, portfolio construction, and best-in-class manager due diligence.”