Bank of America Corp. has named Jill Schwartz co-head of global financial sponsors. Schwartz will be replacing Kevin Sherlock.

Schwartz will also keep her role as executive vice chair of global corporate and investment banking, according to a memo to staff from head of global investment banking Thomas Sheehan, reported Bloomberg News. Schwartz will co-head the group of global financial sponsors, which advises on private equity deals such as leveraged buyouts and initial public offerings, alongside Saba Nazar.

“Financial sponsors represent a core component of our investment banking franchise across sectors and products,” Sheehan reportedly wrote in the memo. “Jill replaces Kevin Sherlock, who has informed me of his decision to pursue an opportunity outside the firm.”