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Merrill's head of structured products for ultra-wealthy departs

The company logo of the Bank of America and Merrill Lynch is displayed at its office in Hong Kong March 8, 2013. REUTERS/Bobby Yip
The company logo of the Bank of America and Merrill Lynch is displayed at its office in Hong Kong March 8, 2013. REUTERS/Bobby Yip

(Reuters) - The head of structured solutions for ultra-wealthy clients at Bank of America Corp's Merrill Lynch, Raphael Zagury, has resigned from his New York-based post, a source familiar with his departure said on Monday.

Zagury, who left Merrill on Monday, had been at the firm for more than five years. It was not known whether he joined another firm.

Zagury oversaw the development of individual structured solutions, such as customized derivatives products, for the firm's ultra-high-net-worth clients in the United States. He joined Merrill in late 2007 from Goldman Sachs, where he worked with the company's structured solutions group.

Zagury, a chartered financial analyst, was key in developing Merrill's Market Coverage Group. He reported to Merrill's markets group leader, Liam O'Neil, who reports to Andy Sieg, head of the firm's retirement and philanthropic services.

Prior to Merrill and Goldman, Zagury had previously worked at Safra Bank, where he focused on structured products for high-net-worth clients in Latin America, and at Paradigma Capital Management, where he was a portfolio manager for the Brazil-based hedge fund.

Zagury could not immediately be reached on Monday.

Zagury's resignation follows the departure of former Merrill Chief Investment Officer Lisa Shalett, who left the firm in early February. Separately, Rick Galiardo, who ran the firm's portfolio strategies desk, also departed.

(Reporting by Ashley Lau in New York; Editing by Dan Grebler)

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