Merrill Lynch & Co. Inc. said it is planning a large expansion of its private client banking team in India.
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DSP Merrill Lynch of Mumbai, in which the New York company owns a 90% stake, has about 250 financial advisers. Under the plan announced Thursday, that number would rise to about 500. DSP Merrill also plans to add more products and services.
DSP Merrill, which manages $4 billion of assets in India, said that as Indian markets open up it wants to attract some of the estimated $1 trillion of investable assets held by nonresident Indians.
