Bank of America (BAC:US) Corp. hired Jeff Cimini, previously president of Fidelity Investments Life Insurance Co., as head of personal retirement.
Cimini, 48, joined the Charlotte, North Carolina-based bank today, according to an internal Bank of America memo provided to Bloomberg News. His position, a new one, is responsible for retirement-product strategy and innovation. Cimini reports to David Tyrie, a managing director in the global wealth and retirement solutions group at Bank of America Merrill Lynch.
“It’s a perfect fit,” Tyrie said of Cimini in an interview. “Jeff’s background on insurance and annuities can help people frame how very sophisticated products and solutions can fit into their overall outlook and plan.”
Workers are living longer and assuming more responsibility for managing their retirement savings as U.S. companies shift from traditional pension plans to 401(k)-type accounts, Tyrie said. Innovations regarding retirement income will be a focus for Bank of America Merrill Lynch this year, he said.
Cimini, who is based in Boston, will oversee products and strategies for the bank’s individual retirement accounts, 529 college savings plans, retirement-income solutions and participant advice and guidance, Tyrie said.
Bank of America Merrill Lynch managed more than $500 billion in retirement assets as of Sept. 30.
Fidelity Investments Life Insurance Co. is a unit of Fidelity Investments, the world’s second-biggest mutual-fund company.
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