OTHER NEWS - June 19, 1995

BankAmerica Merges Units: The banking giant said it has consolidated its Private Bank division, which serves wealthy individuals, with the investment management services group that manages the bank’s mutual funds and retail brokerage operations. W. Richard Holmes, who had been in charge of the Private Bank, is in “discussions with [BankAmerica] about assuming new responsibilities,” a bank spokesperson said. At the same time, the bank confirmed that an investment fund operated for some overseas clients of the Private Bank is being liquidated, but a spokesperson said that was unrelated to the decision to fold the Private Bank into the broader investment division. Alexander M. Anderson, a former Wells Fargo executive, was named head of BankAmerica’s investment management services group last fall in the aftermath of large losses incurred by some of the bank’s money market mutual funds in derivative securities.