A 17-year veteran in investment management, he was director and chief investment officer for Merrill Lynch Private Investors, responsible for that firm's high net worth business. Clapp was also chief investment officer-equity management and senior investment strategist at Bank of America in Charlotte.
He replaces Alan Adelman, who left First Union earlier this year to join Wells Fargo & Co. As head of First Investment, Clapp is responsible for $53 billion in assets. He oversees 40 offices on the East Coast.
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