The exodus of funds managed for wealthy clients from Bank of America Merrill Lynch has slowed down sharply in the third quarter to September.

The net total taken out over the period was $17.7bn (€11.9bn), in contrast to $27bn in the second quarter and $43bn in the first, not including brokerage clients. The total loss over nine months was almost $88bn. Bank of America staged its rescue bid for Merrill Lynch a year ago; it becoming effective from the start of this year. Sallie Krawcheck was appointed head of the global wealth operation in August.