Despite a
The financial giant
Julia Shin joined Merrill in September as the ESG integration and innovation executive for products and platforms, according to a Bank of America spokesperson. Shin will report to Keith Glenfield, managing director and head of Investment Solutions Group Products.
The bank also expanded the roles of two other wealth executives who will collaborate with Shin on ESG, a spokesperson said. Both executives are on the Sustainable & Impact Investing team, which is part of the chief investment office supporting Merrill and Private Bank. Anna Snider, who has been head of due diligence at the CIO, will now also lead ESG strategy for the CIO. Snider has a background in researching alternative investments at Bank of America, according to her
In her previous role, Shin was the managing director of impact investing at Enterprise Community Partners, a
Asked why she chose Bank of America, Shin said in an email that she commended Moynihan's commitment to "responsible growth" through adoption of ESG in its business and perceived "thoughtful engagement by each of the business lines to incorporate what responsible growth means for our work and clients, especially in the face of rapidly developing challenges and solutions." She also cited her team's support of an innovative approach to their work and the "enormous
"Julia has a very unique and impressive skill set that makes her uniquely qualified to provide broad leadership and connectivity — across the end to end client experience," Glenfield said in an emailed statement. He added that the bank wanted to "make it easier for clients to leverage our investment capabilities in a manner that further reflects their financial situation, views and preferences."
Glenfield said Shin's position was created "in response to clients' feedback and interest," suggesting that wealthy clients are still interested in ESG investing and reflecting the bank's ongoing projection of substantial long-term client demand in this area.
The Merrill website's impact investing page claims that globally, over a third of all client assets — over $53 trillion — could end up invested under some form of ESG strategy
The move also comes a year after the White House signed a green energy bill into law, ensuring billions of dollars of funding for green energy and climate-friendly policies in the coming decade. Bank of America is looking to pounce on some of that. Earlier this year, other wirehouses made similar moves, with Wells Fargo hiring its first ever
However, in the past year skepticism has emerged in the public conversation about ESG, and critics have pointed to frequent "greenwashing" in
Bank of America recently took part in a lawsuit with other American banks against the