Frances Aldrich Sevilla-Sacasa, one of the highest-profile female advisers in the US, has quit as chief executive of US Trust, the upmarket wealth business owned by Bank of America, according to sources familiar with the company.

Keith Banks, Bank of America's president of global wealth and wealth management, will assume day to day management responsibilities for US Trust until the completion of BofA's merger with Merrill Lynch. From that point, Banks will be in overall charge of BoA's wealth and fund businesses.