February 12, 2019
Merrill Lynch Wealth Management Head Andy Sieg
Merrill Lynch Wealth Management boss Andy Sieg is getting a big raise to accompany his rising profile within Bank of America.
Bank of America awarded the executive 150,000 restricted stock units for his 2018 performance, up 69% from the 88,689 he received last year, according to a Securities and Exchange Commission filing from the bank on Friday. The bank has not yet filed its annual proxy statement, which includes total compensation for its top executives.
Sieg’s 150,000 shares, which vest in two installments in January 2022 and January 2023, are valued at $4.26 million, based on the closing price of BofA stock on Monday.
Sieg, along with U.S. Trust President Katy Knox, was elevated to the bank’s management committee in December. They succeeded Terrence Laughlin, BofA’s head of global wealth and investment management on the management committee after Laughlin’s unexpected death in October. Time-restricted stock units represented 30% of Laughlin’s $11.3 million of compensation in 2017.
BofA has not previously disclosed the compensation of its top Merrill or U.S. Trust wealth executives, but Sieg’s total pay is expected to be listed in the tally of Named Executive Officers’ compensation in the company’s 2020 proxy statement for 2019.
Bank of America Chief Executive Brian Moynihan was awarded a 15% jump in total 2018 compensation to $26.5 million, according to a separate regulatory filing.
Sieg and his Merrill Wealth predecessor John Thiel had been designated “head” of Merrill Lynch Wealth Management, but BofA formally granted Sieg the title of president of the unit when he ascended to the management committee.
Katy Knox, who assumed the U.S. Trust presidency in September 2017, also received 150,000 restricted stock units for her 2018 performance, according to Friday’s filings. That represented a 216% increase from the 47,398 she received in 2018.
In addition to his newly awarded restricted stock units, Sieg owns directly or beneficially through trusts and family members 145,063 BofA shares (valued at $4.1 million based on Monday’s close), according to the filing. The total includes 12,618 shares held by his wife, Heliane Steden, a former Merrill Lynch advisor who left Merrill in May 2017, five months after Sieg took the reins of the wealth unit.