Hong Kong: Merrill Lynch has promoted the head of its India private banking arm to run its network of private bankers across non-Japan Asia, according to an internal memo seen by Reuters on Monday.
Merrill has given Rahul Malhotra, currently the head of its global private client business in India, the additional role as head of Global Private Client, Asia Advisory, the memo said. It said Rahul will work closely with Tony Stanton, head of the managed product group for global private client Pacific Rim, and Abhinav Gorawara, head of the equity structured solutions group in the Pacific Rim global markets and investment banking unit.
Malhotra joined Merrill Lynch in September 2006, after more than 20 years with Citi.
“GPC Pacific Rim had a strong first-half performance and with this new leadership team I am confident we will expand on that success,” Jason Brand, president of Merrill Lynch Pacific Rim, said in the memo.
Asia’s economic boom has lead to a fierce battle for talent in the private banking industry, which caters exclusively to the wealthy.
The number of high-net-worth individuals in Asia -- people with more than $1 million in financial assets excluding their homes -- grew 8.6% to 2.6 million in 2006, according to a report by Merrill and consultants Capgemini.
And the wealth of this group grew 10.5% last year to $8.4 trillion, compared with a growth rate of 10.3% in North America and 7.8% in Europe.