The Hindu Business Line : Merrill to expand client and employee base

New Delhi, Aug 23 Merrill Lynch, a global wealth management, capital markets and financial advisory major, on Thursday said that it intends to expand its private client business in India and more than double the headcount by 2009.

It also aims to more than double the current $6.5 billion equivalent Indian assets under management (AUM) of the Global Private Client business by 2009, according to Mr Rahul Malhotra, Head of Global Private Client for India, Europe and Middle East at Merrill Lynch.

“We want to have about 550 people in private client business here in India by 2009. Currently, our headcount here is about 250. A large part of the expected growth would be in the form of financial advisors. We, at Merrill, continue to look at India as good long-term opportunity and plan to continue investing in our businesses here,” Mr Malhotra told reporters here .

He also announced that Global Private Client business has recently opened an office at a central business district in New Delhi to cater to the entire Northern India market.

In India, the Private Client business is being handled by DSP Merrill Lynch, a company in which Merrill holds close to 90 per cent stake.

Sub-prime woes

On whether the US sub-prime woes are resulting into any “call backs” from clients, Mr Malhotra said “we are not getting any alarm bells” and that there was no slowdown in business here in India. Mr Malhotra also said that the non-resident Indian community’s interest in India in recent years is not any arbitrage game or forex view. “There is strong growth on the ground,” he added.

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