merrill-aims-to-double-indian-private-client-business

Merrill aims to double Indian private client business

The bankÆs Indian subsidiary plans to meet the target by hiring 250 new staff over the next two years.

August 26, 2007

Merrill LynchÆs Indian subsidiary DSP Merrill Lynch has rolled out a plan to leverage its private client business in India. The bank plans to double the number of employees in its private wealth business in the country to more than 500 by the end of 2009. As a result, assets under management are expected to more than double in the same period.

At present there are around 250 people running the bankÆs global private client business in India, which has approximately 1,200 core clients. The franchise is managing $6.5 billion of assets, including a $2.5 billion non-resident Indian business. The bank says India is one of its largest markets in Asia.

ôIndiaÆs demographic and economic...

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