Bank of America Corp head of wealth management Andy Sieg, said on Tuesday that the coronavirus pandemic has not meaningfully disrupted business at the wirehouse, though clients are still holding more cash.
Speaking at an investor conference, Sieg said cash now represents an average of 13% of client's portfolio's compared to 10% at the end of last year. Allocation to equities has decreased to 56% from 60%.
"You see it in the cash levels that clients are maintaining some liquidity right now and they have not been rotating back out of cash into the equity market," he said.
The shift to cash is helping to keep deposit growth strong during the quarter and loan growth is being boosted by refinancing activities due to the low rate environment, he said.
(Reporting by Imani Moise, Editing by Franklin Paul) ((Imani.Moise@thomsonreuters.com; 646-223-6335;))