Bank of America (BAC) Boosts Retirement Assets 10 Percent

Bank of America Corp.(NYSE:BAC - News) is no Fidelity Investments when it comes to retirement accounts, but it boosted retirement assets under management by nearly 10 percent last year and is gunning for more by guiding bank depositors to Merrill Lynch advisers and its new online brokerage channel.

BofA managed $535 billion in corporate and individual retirement accounts and pension plans at the end of 2010, up from $489 billion 12 months earlier.

Like many wealth management giants, the bank wants to corral the nest eggs of aging Baby Boomers in an otherwise sluggish economy and has made retirement one of its few domestic growth priorities in 2011.

"We think we're just scratching the surface," said Andy Sieg, head of retirement and philanthropic services at the bank's Merrill Lynch unit.





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