The combined net client assets managed by Bank of America Merrill Lynch's wealth management division have decreased by over half a trillion dollars since the two banks agreed to merge in the wake of Lehman Brothers' collapse last September. However, the newly-merged unit still managed to double net profit during the first quarter, compared to the same period in 2008.

Total net assets of wealthy clients managed by the bank stood at $1.75 trillion (€1.34 trillion) as of March 31, up by just over $864bn on the figure posted by Bank of America's wealth management unit a year ago, according to the merged bank's first quarter results released today.