Bank of America Merrill Lynch has promoted Brian Stearns and Daniel Timmons to the newly created role of co-heads for its entertainment industries coverage unit.
Both senior executives will be accountable for portfolio strategy, client coverage, credit execution and risk management apart from advising clients on capital structure alternatives, BofA said.
Bank of America Merrill Lynch’s entertainment sector stood at over $3bn for clients including CAA, Open Road Films, Dune Entertainment, Legendary Pictures, New Regency and MGM Studios.
Bank of America Merrill Lynch Greater Los Angeles president Raul Anaya said, "Under Stearns’ and Timmons’ leadership, the group has emerged as a leader in this space, increasing the level of capital delivered to the industry and earning the trust and respect of our growing list of entertainment clients."
Prior to banking, Stearns also held marketing and international sales roles with independent film producers such as Morgan Creek Productions and The Shooting Gallery.
Timmons started his career in consulting with Accenture in San Francisco, where he worked for five years advising a range of clients within the financial services and technology sectors.
In 2002, Timmons joined the Media and Entertainment group of Bank of America’s New York-based Global Corporate and Investment Bank.
Bank of America serves nearly 56 million consumer and small business relationships through almost 5,600 retail banking offices, and about 16,200 ATMs and online banking.