Hong Kong: The third largest manager of money for the rich, Merrill Lynch & Co., promoted Rahul Malhotra to help run its private client group in the Asia-Pacific region outside Japan, according to a company memo sent out on Monday.
Malhotra, who heads the New York-based investment bank’s private client group in India, will take on the additional responsibility of managing the firm’s financial advisers to wealthy individuals in the region, the memo said.
Malhotra will work with Tony Stanton, head of the managed product group in the Asia-Pacific region, and Abhinav Gorawara, head of structured products, according to the memo, sent out by Jason Brand, Merrill’s president in the region. Wealth held by millionaires in the Asia-Pacific region is expected to reach $10.6 trillion (Rs434.6 trillion) by 2010, growing at an annual rate of 6.7%, said a September 2006 survey by Capgemini SA and Merrill.
Merrill has been expanding private banking in Asia and had set up a private investment banking team in May, seeking to boost sales from wealthy individuals.