New Delhi: Global financial services major Merrill Lynch is planning to double its private banking business in the country, with an aim to provide financial services for the growing wealthy population.
Merrill Lynch, which provides wealth management advisory service to High Networth Individuals (HNI), is aggressively building the private client business in India with an aim to double the number of its financial advisors this year and is also planning to expand into tier-II cities.
“Merrill Lynch is aggressively building the private client business in India and will invest in people, technology and infrastructure to support expansion plans. We plan to double the number of financial advisers this year, which already doubled from the year before,” Merrill Lynch head of India Global Private Client Rahul Malhotra told PTI.
The company said they would be doubling the number of financial advisors this year serving Indian clients both within the country and living abroad.
“We plan to grow the client assets under management for both onshore and offshore India by 8-10 times in the next three years,” Malhotra said.
With 36 of the world’s richest calling it home, India has emerged as Asia’s biggest home to billionaires as per the latest Forbes list. Targeting this segment the global consulting firm is expanding its base in the country.