Bank of America is set to become the largest wealth management business in the world, overtaking Swiss bank UBS, following its takeover of Merrill Lynch, whose vice chairman Robert McCann is expected to run the combined operation.

The opportunity, which will also bring BofA exposure to international wealth markets, was a key driver for the deal. According to Christopher Wheeler of broking firm NCB: "It is clear that the big opportunity that Bank America saw with Merrill Lynch was in getting hold of their wealth management operations."