New Delhi: Global financial services major Merrill Lynch said on 21 March it plans to roll out more products for NRIs as it aims to become the biggest private banker catering to the niche market.
“With $360 billion in investible assets, the 22 million non-resident Indians are an important growth area for us,” said Rahul Malhotra, Merrill Lynch’s head of India Global Private Client.
“We are leveraging the global business by rolling out products and developing talent, which will result in the largest private banking businesses in NRI segment,” he added.
The company would also double the number of financial advisors serving Indian clients this year, both within the country and living abroad.
“We plan to grow the clients’ assets under management for both onshore and offshore India by 8-10 times in the next three years,” Malhotra said.
Merrill Lynch has had considerable experience in India through its partnership with the DSP Group, which gives it a great advantage over other firms as it boosts of both global expertise and local knowledge.
In addition, he said, Merrill Lynch takes a global approach with India and NRI markets, which creates great synergy between the NRI and onshore India businesses.
The company, which recently launched Global NRI business targeting NRIs across the globe and trust services for resident Indians, also provides wealth management advisory service.