Wall Street firm Merrill Lynch is launching a new Asian team to focus on providing investment advice and investment banking services to the region's growing ranks of rich entrepreneurs.
Merrill's private investment banking group (PIBG) will serve clients worth more than $30 million - also known as ultra high net worth (UHNW) individuals - and be run by Damian Chunilal, who will also continue as head of Pacific Rim investment banking.
Bonnie Haddon-Cave will be chief operating officer of PIBG, while Joseph Lam and Vincent Shen will be private investment bankers. Merrill is tapping a team of 11 senior investment bankers, including recently hired China specialist Margaret Ren and Indonesia investment banking head Roger Suyama, to work closely with Lam and Shen's teams. The UHNW investment banking team, which has representatives in markets including Thailand, India and South Korea, will be led by Sheldon Trainor, head of Asian investment banking.
In a region where many of the largest companies are run by individuals or families, Merrill is trying to serve both the companies of entrepreneurs and the wealthy businesspeople themselves. Investment bankers like Ren and Suyama are in constant contact with these tycoons, and the more formal arrangement will let them expand their discussions to helping executives manage their personal wealth.