Merrill puts money on emerging markets
The firm plans to bet heavily on global growth, said Robert McCann, head of Merrill's wealth management business.
Merrill Lynch & Co. Inc., the world’s largest wealth manager, plans to bet heavily on global growth, according to Robert McCann, head of the New York firm’s wealth management business.
Merrill is convinced the firm had “an opportunity to grow [the wealth management business] by making investments outside the United States,” he said.
Mr. McCann cited the just-released Capgemini-Merrill World Wealth Report, which showed worldwide growth in the number of individuals in emerging markets who have $1 million or more to invest. Capgemini is located in New York.
Specifically, Merrill will target the growing Latin American market by increasing its local presence there, said Mr. McCann, executive vice president of Merrill and president of global wealth management for the firm.
The firm is also focusing on India and the rest of Asia, he said. “Obviously, China is the big prize,” Mr. McCann declared.
More details on international wealth management growth will appear in the June 30 issue of InvestmentNews.
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