Merrill Lynch has appointed Chris Selby to lead its Global Wealth Management division for Australia and New Zealand.
Selby, a 23-year old veteran of the firm, has a background spanning Australian and global investment banking, debt capital markets and debt sales and trading.
He takes over from Tom Alexy, who left the Bank of America-owned Merrill Lynch earlier this year.
Selby said his mandate is to grow Merrill Lynch Global Wealth Management's (MLGWM) market share in a measured and educated way.
"Starting from now, we're actually looking for more advisers," he told InvestorDaily.
The recent acquisition of Merrill Lynch by Bank of America will also provide benefits for Australian clients in coming years.
"We see in the coming years that we'll offer a much more full-service platform so that we not only capture people's desires for their own personal wealth, but will be able to be part of their entire financial strategy," he said.
When asked if MLGWM Australia and New Zealand clients and advisers had concerns about Bank of America's financial strength, he said clients' biggest concern was how they could preserve, protect, and if possible grow their wealth in the challenging market conditions.
"We have advisers who have 25-26 year careers with the firm who have long-standing financial advice relationships," Selby said.
"It's in times like this that clients particularly value this level of quality advice from trusted experienced advisers.
"That's what makes a difference and we want to keep that a priority."
